AB Active ETFs, Inc.
AB Tax-Aware Short Duration Municipal ETF
Portfolio of Investments
August 31, 2026 (unaudited)
| Principal Amount (000) |
U.S. $ Value | |||||||
| MUNICIPAL OBLIGATIONS – 98.7% |
||||||||
| Long-Term Municipal Bonds – 82.9% |
||||||||
| Alabama – 4.8% |
||||||||
| Black Belt Energy Gas District |
$ | 1,000 | $ | 1,058,323 | ||||
| Black Belt Energy Gas District |
3,000 | 3,121,693 | ||||||
| Series 2025-E 5.00%, 12/01/2055 |
2,000 | 2,083,763 | ||||||
| Series 2026 5.00%, 11/01/2036 |
1,000 | 1,032,950 | ||||||
| Black Belt Energy Gas District |
1,035 | 1,092,902 | ||||||
| Black Belt Energy Gas District |
2,500 | 2,626,833 | ||||||
| Black Belt Energy Gas District |
1,000 | 1,013,829 | ||||||
| Series 2024-B 5.00%, 10/01/2055 |
3,795 | 3,947,942 | ||||||
| Series 2025-G 5.00%, 10/01/2035 |
1,500 | 1,552,677 | ||||||
| Series 2026-E 5.00%, 07/01/2033 |
1,000 | 1,039,966 | ||||||
| Series 2026-H 3.788% (SOFR + 1.35%), 12/01/2031(b) |
10,000 | 9,992,834 | ||||||
| Black Belt Energy Gas District |
1,000 | 1,040,880 | ||||||
| Black Belt Energy Gas District |
1,200 | 1,209,456 | ||||||
| Black Belt Energy Gas District |
2,210 | 2,341,920 | ||||||
| County of Jefferson AL Sewer Revenue |
2,230 | 2,435,380 | ||||||
| 5.00%, 10/01/2034 |
1,005 | 1,094,025 | ||||||
| Energy Southeast A Cooperative District |
1,000 | 1,001,321 | ||||||
| Energy Southeast A Cooperative District |
1,500 | 1,567,680 | ||||||
| Southeast Alabama Gas Supply District (The) |
1,000 | 1,038,952 | ||||||
1
| Principal Amount (000) |
U.S. $ Value | |||||||
| Southeast Alabama Gas Supply District (The) |
$ | 6,000 | $ | 6,242,403 | ||||
| Southeast Energy Authority A Cooperative District |
1,140 | 1,174,080 | ||||||
| 5.00%, 11/01/2035 |
1,000 | 1,017,304 | ||||||
| Southeast Energy Authority A Cooperative District |
1,000 | 1,027,791 | ||||||
| Southeast Energy Authority A Cooperative District |
2,005 | 2,122,680 | ||||||
| Southeast Energy Authority A Cooperative District |
2,000 | 2,111,502 | ||||||
| Southeast Energy Authority A Cooperative District 5.00%, 09/01/2035 |
1,000 | 1,059,115 | ||||||
| Southeast Energy Authority A Cooperative District |
1,500 | 1,563,490 | ||||||
| Southeast Energy Authority A Cooperative District |
3,110 | 3,244,388 | ||||||
| Series 2025-C |
1,620 | 1,702,623 | ||||||
| Southeast Energy Authority A Cooperative District |
1,500 | 1,518,763 | ||||||
| 5.25%, 01/01/2054 |
2,500 | 2,591,166 | ||||||
|
|
|
|||||||
| 65,668,631 | ||||||||
|
|
|
|||||||
| Arizona – 1.6% |
||||||||
| Arizona Industrial Development Authority |
1,000 | 1,072,297 | ||||||
| Chandler Industrial Development Authority |
3,000 | 3,028,689 | ||||||
| 5.00%, 09/01/2052 |
5,000 | 5,048,847 | ||||||
| Series 2024 4.00%, 06/01/2049 |
5,000 | 5,024,086 | ||||||
| Industrial Development Authority of the City of Phoenix Arizona (The) |
700 | 695,882 | ||||||
| La Paz County Industrial Development Authority |
1,100 | 1,100,200 | ||||||
2
| Principal Amount (000) |
U.S. $ Value | |||||||
| Maricopa County Industrial Development Authority |
$ | 1,000 | $ | 1,096,673 | ||||
| Series 2026-A |
2,500 | 2,744,553 | ||||||
| Salt River Project Agricultural Improvement & Power District |
2,000 | 2,015,264 | ||||||
|
|
|
|||||||
| 21,826,491 | ||||||||
|
|
|
|||||||
| Arkansas – 0.1% |
||||||||
| Arkansas Development Finance Authority 7.00%, 07/01/2048(a) |
115 | 127,235 | ||||||
| 7.375%, 07/01/2056(a) |
1,000 | 1,033,778 | ||||||
|
|
|
|||||||
| 1,161,013 | ||||||||
|
|
|
|||||||
| California – 9.7% |
||||||||
| Anaheim Public Financing Authority |
1,000 | 847,084 | ||||||
| Bay Area Toll Authority |
3,000 | 2,982,754 | ||||||
| California Community Choice Financing Authority |
1,000 | 1,071,894 | ||||||
| California Community Choice Financing Authority |
5,000 | 5,196,736 | ||||||
| Series 2024C 5.00%, 08/01/2055 |
2,000 | 2,073,911 | ||||||
| California Community Choice Financing Authority |
2,000 | 2,032,419 | ||||||
| California Community Choice Financing Authority |
1,500 | 1,584,313 | ||||||
| California Community Choice Financing Authority |
1,950 | 2,052,738 | ||||||
| California Community Choice Financing Authority |
1,000 | 1,060,525 | ||||||
| Series 2026 5.00%, 02/01/2031 |
1,000 | 1,050,535 | ||||||
| California Community Choice Financing Authority |
2,980 | 3,126,091 | ||||||
| California Community Choice Financing Authority |
1,000 | 1,006,596 | ||||||
3
| Principal Amount (000) |
U.S. $ Value | |||||||
| California Community Choice Financing Authority |
$ | 3,030 | $ | 3,136,475 | ||||
| Series 2024 5.00%, 05/01/2054 |
3,500 | 3,665,350 | ||||||
| Series 2026-A |
2,000 | 1,987,291 | ||||||
| California Community Choice Financing Authority |
1,000 | 1,067,616 | ||||||
| Series 2025G 5.00%, 12/01/2035 |
1,000 | 1,070,030 | ||||||
| California Community Choice Financing Authority |
3,300 | 3,387,672 | ||||||
| California Community Choice Financing Authority |
1,750 | 1,840,568 | ||||||
| California Community Choice Financing Authority |
1,000 | 1,061,635 | ||||||
| California Health Facilities Financing Authority |
3,500 | 3,766,038 | ||||||
| California Health Facilities Financing Authority |
5,000 | 5,006,338 | ||||||
| California Infrastructure & Economic Development Bank |
4,000 | 3,999,318 | ||||||
| 12.00%, 01/01/2065(a) |
1,100 | 698,500 | ||||||
| California Municipal Finance Authority |
1,000 | 1,028,973 | ||||||
| 5.00%, 12/31/2033 |
1,500 | 1,533,983 | ||||||
| California Municipal Finance Authority |
1,285 | 1,291,252 | ||||||
| California Pollution Control Financing Authority |
1,000 | 1,023,511 | ||||||
| California State Public Works Board |
1,425 | 1,441,972 | ||||||
| California Statewide Communities Development Authority |
1,735 | 1,607,486 | ||||||
| California Statewide Communities Development Authority |
1,000 | 1,020,931 | ||||||
4
| Principal Amount (000) |
U.S. $ Value | |||||||
| City of Los Angeles Department of Airports |
$ | 3,385 | $ | 3,432,404 | ||||
| Series 2018 |
1,730 | 1,756,701 | ||||||
| Series 2023 |
1,610 | 1,663,145 | ||||||
| Series 2026-B |
3,000 | 3,225,463 | ||||||
| County of Sacramento CA Airport System Revenue |
1,800 | 1,932,777 | ||||||
| Golden State Tobacco Securitization Corp. |
3,460 | 3,129,796 | ||||||
| Los Angeles County Sanitation Districts Financing Authority |
1,140 | 1,142,893 | ||||||
| Los Angeles Department of Water & Power |
1,680 | 1,716,269 | ||||||
| Series 2018-D |
1,955 | 2,012,593 | ||||||
| Series 2022-B |
1,100 | 1,146,732 | ||||||
| Series 2025-A |
4,520 | 4,650,298 | ||||||
| Series 2026-A |
1,000 | 1,092,394 | ||||||
| Los Angeles Department of Water & Power Power System Revenue |
2,035 | 2,077,590 | ||||||
| Series 2021-B |
2,060 | 2,204,730 | ||||||
| Los Angeles Department of Water & Power Water System Revenue |
1,150 | 1,201,806 | ||||||
| 5.00%, 07/01/2032 |
1,000 | 1,029,459 | ||||||
| Series 2026-A |
2,415 | 2,638,132 | ||||||
| 5.00%, 07/01/2033 |
4,000 | 4,406,268 | ||||||
| Montebello Public Financing Authority |
1,000 | 1,000,666 | ||||||
| Newport Mesa Unified School District |
2,000 | 1,707,954 | ||||||
| Port of Oakland |
|
1,500 |
|
|
1,530,093 |
| ||
| Series 2021 |
1,895 | 1,985,669 | ||||||
| 5.00%, 11/01/2029 |
1,575 | 1,660,883 | ||||||
5
| Principal Amount (000) |
U.S. $ Value | |||||||
| San Diego County Regional Airport Authority |
$ | 1,725 | $ | 1,753,796 | ||||
| Series 2021-B |
1,000 | 1,064,504 | ||||||
| Series 2023 |
1,610 | 1,698,464 | ||||||
| San Francisco Intl Airport |
1,530 | 1,552,034 | ||||||
| Series 2019-H |
1,500 | 1,521,602 | ||||||
| Series 2024 |
2,500 | 2,627,017 | ||||||
| San Joaquin Valley Clean Energy Authority |
3,000 | 3,235,629 | ||||||
| Southern California Public Power Authority |
4,250 | 4,412,470 | ||||||
| Southern California Public Power Authority |
1,000 | 1,043,429 | ||||||
| State of California 09/01/2030 |
50 | 50,113 | ||||||
| Series 2016 5.00%, 09/01/2034 |
1,500 | 1,501,963 | ||||||
| Washington Township Health Care District |
650 | 676,774 | ||||||
|
|
|
|||||||
| 133,203,045 | ||||||||
|
|
|
|||||||
| Colorado – 2.5% |
||||||||
| Adams & Weld Counties School District No. 27J Brighton/CO |
1,500 | 1,492,029 | ||||||
| City & County of Broomfield CO Sales & Use Tax Revenue |
2,000 | 2,048,158 | ||||||
| City & County of Denver CO Airport System Revenue |
3,250 | 3,581,778 | ||||||
| Series 2022-D |
1,020 | 1,025,192 | ||||||
| 5.75%, 11/15/2035 |
1,250 | 1,394,820 | ||||||
| City & County of Denver CO Airport System Revenue |
3,000 | 3,118,745 | ||||||
| 5.00%, 12/01/2030 |
1,370 | 1,457,134 | ||||||
| 5.00%, 12/01/2031 |
2,020 | 2,090,982 | ||||||
6
| Principal Amount (000) |
U.S. $ Value | |||||||
| Colorado Educational & Cultural Facilities Authority |
$ | 1,000 | $ | 993,134 | ||||
| Colorado Health Facilities Authority |
1,550 | 1,675,641 | ||||||
| Series 2025 5.00%, 09/01/2032 |
10,410 | 11,198,724 | ||||||
| Colorado Housing & Finance Authority |
3,000 | 3,010,690 | ||||||
| State of Colorado |
1,000 | 1,029,100 | ||||||
|
|
|
|||||||
| 34,116,127 | ||||||||
|
|
|
|||||||
| Connecticut – 0.6% |
||||||||
| Aquarion Water Authority |
1,000 | 1,091,931 | ||||||
| Series 2026-B |
670 | 706,597 | ||||||
| City of New Haven CT |
1,875 | 1,878,448 | ||||||
| Stamford Housing Authority |
2,000 | 2,055,270 | ||||||
| State of Connecticut Special Tax Revenue |
2,340 | 2,340,000 | ||||||
|
|
|
|||||||
| 8,072,246 | ||||||||
|
|
|
|||||||
| District of Columbia – 1.2% |
||||||||
| District of Columbia |
1,275 | 1,311,901 | ||||||
| 5.00%, 02/28/2030 |
1,380 | 1,434,645 | ||||||
| Metropolitan Washington Airports Authority Aviation Revenue |
465 | 465,795 | ||||||
| Series 2018-A |
1,075 | 1,106,854 | ||||||
| Series 2019-A |
1,025 | 1,048,247 | ||||||
| Series 2020-A |
1,435 | 1,507,965 | ||||||
| 5.00%, 10/01/2032 |
2,000 | 2,116,331 | ||||||
| Series 2022-A |
3,000 | 3,185,714 | ||||||
| Series 2025-A |
4,500 | 4,820,973 | ||||||
|
|
|
|||||||
| 16,998,425 | ||||||||
|
|
|
|||||||
7
| Principal Amount (000) |
U.S. $ Value | |||||||
| Florida – 5.6% |
||||||||
| Capital Projects Finance Authority/FL |
$ | 1,500 | $ | 1,501,777 | ||||
| City of Jacksonville FL |
600 | 601,683 | ||||||
| City of Port St. Lucie FL Utility System Revenue |
3,560 | 3,561,170 | ||||||
| City of South Miami Health Facilities Authority, Inc. |
1,250 | 1,321,414 | ||||||
| City of Venice FL |
900 | 900,088 | ||||||
| Collier County Industrial Development Authority |
2,000 | 2,110,004 | ||||||
| County of Broward FL Port Facilities Revenue |
1,500 | 1,555,954 | ||||||
| County of Charlotte FL 5.00%, 10/01/2027 |
1,080 | 1,081,814 | ||||||
| County of Lee FL Airport Revenue |
1,670 | 1,769,378 | ||||||
| County of Miami-Dade FL |
1,040 | 1,041,695 | ||||||
| County of Miami-Dade FL Aviation Revenue |
2,445 | 2,570,055 | ||||||
| 5.00%, 10/01/2030 |
1,540 | 1,634,125 | ||||||
| 5.00%, 10/01/2033 |
2,500 | 2,702,867 | ||||||
| 5.00%, 10/01/2034 |
1,000 | 1,077,684 | ||||||
| 5.00%, 10/01/2035 |
3,000 | 3,215,703 | ||||||
| Series 2026-A |
1,500 | 1,591,680 | ||||||
| County of Miami-Dade Seaport Department |
1,145 | 1,214,893 | ||||||
| 5.00%, 10/01/2034 |
1,000 | 1,063,725 | ||||||
| County of Palm Beach FL |
1,600 | 1,752,725 | ||||||
| Florida Development Finance Corp. |
3,950 | 3,943,541 | ||||||
8
| Principal Amount (000) |
U.S. $ Value | |||||||
| Florida Development Finance Corp. |
$ | 1,500 | $ | 1,499,330 | ||||
| Series 2026 4.35%, 04/01/2037 |
1,000 | 991,919 | ||||||
| Florida Housing Finance Corp. |
1,055 | 1,047,684 | ||||||
| Florida Insurance Assistance Interlocal Agency, Inc. |
4,000 | 4,000,000 | ||||||
| 5.00%, 09/01/2028 |
1,060 | 1,060,000 | ||||||
| Florida Local Government Finance Commission |
1,000 | 1,002,971 | ||||||
| Florida Municipal Power Agency |
1,100 | 1,102,002 | ||||||
| Greater Orlando Aviation Authority |
2,500 | 2,556,969 | ||||||
| Series 2022-A 5.00%, 10/01/2029 |
1,040 | 1,095,381 | ||||||
| Series 2024 5.00%, 10/01/2027 |
1,000 | 1,022,787 | ||||||
| 5.00%, 10/01/2033 |
3,250 | 3,526,380 | ||||||
| Greater Orlando Aviation Authority |
2,000 | 2,109,703 | ||||||
| Greenbriar Community Development District |
1,160 | 1,138,358 | ||||||
| Hillsborough County Aviation Authority |
2,295 | 2,490,167 | ||||||
| Jacksonville Housing Finance Authority |
1,000 | 1,000,408 | ||||||
| JEA Electric System Revenue |
1,500 | 1,536,837 | ||||||
| Lee County Industrial Development Authority/FL 4.125%, 11/15/2029 |
1,000 | 1,001,337 | ||||||
| Miami-Dade County Expressway Authority |
1,625 | 1,627,639 | ||||||
| 5.00%, 07/01/2033 |
1,000 | 1,001,299 | ||||||
9
| Principal Amount (000) |
U.S. $ Value | |||||||
| Miami-Dade County Industrial Development Authority |
$ | 1,000 | $ | 1,024,767 | ||||
| Mid-Bay Bridge
Authority |
2,000 | 2,134,118 | ||||||
| North Sumter County Utility Dependent District |
900 | 901,446 | ||||||
| Palm Beach County Health Facilities Authority |
2,015 | 2,129,483 | ||||||
| Palmetto Ridge Community Development District |
685 | 679,246 | ||||||
| Pinery Community Development District |
200 | 191,625 | ||||||
| School Board of Miami-Dade County (The) |
1,500 | 1,628,556 | ||||||
| Village Community Development District No. 15 |
525 | 526,723 | ||||||
| Woodlands Section 9 Community Development District Series 2026 4.25%, 05/01/2031 |
200 | 196,015 | ||||||
|
|
|
|||||||
| 76,435,125 | ||||||||
|
|
|
|||||||
| Georgia – 3.6% |
||||||||
| Albany-Dougherty County Hospital Authority |
1,530 | 1,562,450 | ||||||
| City of Atlanta GA Airport Passenger Facility Charge |
2,000 | 2,126,779 | ||||||
| City of Atlanta GA Department of Aviation |
1,250 | 1,350,312 | ||||||
| Series 2023-G 5.00%, 07/01/2027 |
1,000 | 1,017,581 | ||||||
| Series 2025-B 5.00%, 07/01/2031 |
2,100 | 2,252,967 | ||||||
| Series 2026-B 5.00%, 07/01/2028 |
2,000 | 2,070,330 | ||||||
| County of DeKalb GA Water & Sewerage Revenue |
1,500 | 1,503,087 | ||||||
10
| Principal Amount (000) |
U.S. $ Value | |||||||
| Development Authority for Fulton County |
$ | 1,125 | $ | 1,126,944 | ||||
| Development Authority of Burke County (The) |
1,500 | 1,505,829 | ||||||
| Development Authority of Cobb County (The) |
1,160 | 1,181,204 | ||||||
| Fayette County Development Authority |
1,100 | 1,184,997 | ||||||
| Main Street Natural Gas, Inc. Series 2022-C |
6,000 | 5,992,099 | ||||||
| Main Street Natural Gas, Inc. (Citigroup, Inc.) |
1,000 | 1,010,194 | ||||||
| Series 2022-B 5.00%, 12/01/2052 |
4,000 | 4,135,265 | ||||||
| Series 2023-A 5.00%, 06/01/2053 |
2,000 | 2,073,679 | ||||||
| Series 2024-C 5.00%, 12/01/2054 |
3,500 | 3,652,527 | ||||||
| Series 2024-E 5.00%, 05/01/2055 |
2,000 | 2,086,758 | ||||||
| Main Street Natural Gas, Inc. |
1,000 | 1,000,000 | ||||||
| Main Street Natural Gas, Inc. |
1,000 | 1,027,417 | ||||||
| Series 2024-B 5.00%, 12/01/2054 |
2,360 | 2,504,973 | ||||||
| Main Street Natural Gas, Inc. |
1,500 | 1,575,590 | ||||||
| Municipal Electric Authority of Georgia |
1,840 | 1,859,438 | ||||||
| Series 2019-A 5.00%, 01/01/2033 |
1,200 | 1,247,644 | ||||||
| Series 2020 5.00%, 01/01/2029 |
500 | 524,544 | ||||||
| Series 2024 5.00%, 01/01/2030 |
1,000 | 1,063,579 | ||||||
| Private Colleges & Universities Authority |
2,000 | 2,220,615 | ||||||
|
|
|
|||||||
| 48,856,802 | ||||||||
|
|
|
|||||||
11
| Principal Amount (000) |
U.S. $ Value | |||||||
| Guam – 0.9% |
||||||||
| Antonio B Won Pat International Airport Authority |
$ | 1,010 | $ | 1,061,229 | ||||
| Guam Government Waterworks Authority |
1,000 | 1,015,011 | ||||||
| Territory of Guam |
2,000 | 2,004,742 | ||||||
| 5.00%, 12/01/2031 |
3,000 | 3,004,292 | ||||||
| 5.00%, 12/01/2035 |
1,250 | 1,251,576 | ||||||
| Territory of Guam |
715 | 739,014 | ||||||
| Series 2025-G |
1,625 | 1,662,919 | ||||||
| Territory of Guam |
1,250 | 1,325,428 | ||||||
|
|
|
|||||||
| 12,064,211 | ||||||||
|
|
|
|||||||
| Hawaii – 0.6% |
||||||||
| City & County Honolulu HI Wastewater System Revenue |
1,295 | 1,361,254 | ||||||
| State of Hawaii (State of Hawaii) |
1,625 | 1,626,045 | ||||||
| 5.00%, 10/01/2028 |
1,855 | 1,858,764 | ||||||
| State of Hawaii Airports System Revenue |
1,000 | 1,035,879 | ||||||
| State of Hawaii Harbor System Revenue |
2,280 | 2,247,888 | ||||||
|
|
|
|||||||
| 8,129,830 | ||||||||
|
|
|
|||||||
| Idaho – 0.1% |
||||||||
| Idaho Health Facilities Authority |
1,000 | 1,011,346 | ||||||
|
|
|
|||||||
| Illinois – 5.7% |
| |||||||
| Chicago Board of Education |
1,000 | 1,005,869 | ||||||
| AG Series 2018-A |
1,500 | 1,533,453 | ||||||
| AG Series 2018-C |
1,000 | 1,032,417 | ||||||
| Series 2019-A |
1,575 | 1,598,165 | ||||||
12
| Principal Amount (000) |
U.S. $ Value | |||||||
| Series 2021-B |
$ | 2,500 | $ | 2,474,358 | ||||
| Series 2025-B |
4,000 | 4,222,613 | ||||||
| Chicago Midway International Airport |
3,325 | 3,496,438 | ||||||
| Chicago O’Hare International Airport |
2,750 | 2,768,285 | ||||||
| 5.00%, 01/01/2028 |
3,000 | 3,078,717 | ||||||
| 5.00%, 01/01/2034 |
1,015 | 1,095,261 | ||||||
| Series 2025-A |
1,000 | 1,073,154 | ||||||
| Chicago Transit Authority Capital Grant Receipts Revenue |
1,750 | 1,776,046 | ||||||
| 5.00%, 06/01/2028 |
1,750 | 1,811,585 | ||||||
| Chicago Transit Authority Sales Tax Receipts Fund |
1,780 | 1,885,104 | ||||||
| City of Chicago IL Wastewater Transmission Revenue |
2,500 | 2,517,703 | ||||||
| City of Chicago IL Waterworks Revenue |
635 | 666,284 | ||||||
| City of Springfield IL Electric Revenue |
2,000 | 2,021,964 | ||||||
| City of Waukegan IL |
1,125 | 1,132,703 | ||||||
| County of Cook IL |
970 | 1,032,181 | ||||||
| Series 2026-A |
3,000 | 3,226,716 | ||||||
| Illinois Finance Authority |
1,500 | 1,466,051 | ||||||
| Series 2025 |
1,000 | 1,017,636 | ||||||
| Illinois Finance Authority |
2,230 | 2,219,749 | ||||||
| Illinois Municipal Electric Agency |
1,000 | 1,009,238 | ||||||
13
| Principal Amount (000) |
U.S. $ Value | |||||||
| Metropolitan Pier & Exposition Authority |
$ | 1,000 | $ | 1,025,522 | ||||
| Metropolitan Water Reclamation District of Greater Chicago |
2,620 | 2,633,693 | ||||||
| Series 2016-B |
850 | 854,249 | ||||||
| Northern Illinois University (Northern Illinois University) |
725 | 757,790 | ||||||
| Public Building Commission of Chicago |
2,970 | 3,062,421 | ||||||
| Sales Tax Securitization Corp. |
2,000 | 2,107,739 | ||||||
| Sangamon County School District No. 186 Springfield |
735 | 788,655 | ||||||
| State of Illinois |
2,000 | 2,007,273 | ||||||
| 5.00%, 11/01/2027 |
2,500 | 2,563,042 | ||||||
| Series 2018-A |
2,000 | 2,078,228 | ||||||
| Series 2019-A |
695 | 734,914 | ||||||
| Series 2020 |
2,040 | 2,135,291 | ||||||
| Series 2024 |
2,000 | 2,139,124 | ||||||
| Series 2024-B |
1,210 | 1,251,943 | ||||||
| 5.00%, 10/01/2035 |
1,170 | 1,253,293 | ||||||
| Series 2025-B |
1,500 | 1,536,260 | ||||||
| Series 2025-C |
1,370 | 1,508,922 | ||||||
| State of Illinois Sales Tax Revenue |
605 | 617,561 | ||||||
| Series 2024-A |
1,790 | 1,908,018 | ||||||
| Series 2025 |
1,680 | 1,742,189 | ||||||
|
|
|
|||||||
| 77,867,817 | ||||||||
|
|
|
|||||||
| Indiana – 0.5% |
||||||||
| City of Valparaiso IN |
740 | 757,528 | ||||||
14
| Principal Amount (000) |
U.S. $ Value | |||||||
| City of Whiting IN |
$ | 690 | $ | 689,667 | ||||
| Indiana Finance Authority |
1,000 | 1,049,124 | ||||||
| Indiana Finance Authority |
455 | 443,532 | ||||||
| Series 2022-A |
2,040 | 2,085,494 | ||||||
| Indiana Finance Authority |
2,000 | 1,999,823 | ||||||
|
|
|
|||||||
| 7,025,168 | ||||||||
|
|
|
|||||||
| Iowa – 0.1% |
||||||||
| PEFA, Inc. |
1,000 | 1,045,619 | ||||||
|
|
|
|||||||
| Kansas – 0.5% |
||||||||
| City of Olathe KS (City of Olathe KS) |
4,550 | 4,657,385 | ||||||
| Seward County Unified School District No. 480 Liberal |
1,500 | 1,500,000 | ||||||
| University of Kansas Hospital Authority |
900 | 929,416 | ||||||
|
|
|
|||||||
| 7,086,801 | ||||||||
|
|
|
|||||||
| Kentucky – 1.4% |
||||||||
| Kentucky Municipal Power Agency |
2,625 | 2,800,453 | ||||||
| Kentucky Public Energy Authority |
1,000 | 1,044,027 | ||||||
| Series 2025-C |
2,000 | 2,072,851 | ||||||
| Kentucky Public Energy Authority |
3,000 | 3,097,342 | ||||||
| Kentucky Public Energy Authority |
2,000 | 2,090,826 | ||||||
| Series 2025-A |
1,000 | 1,050,660 | ||||||
15
| Principal Amount (000) |
U.S. $ Value | |||||||
| Kentucky State Property & Building Commission |
$ | 1,500 | $ | 1,505,713 | ||||
| Kentucky Turnpike Authority |
1,000 | 1,019,569 | ||||||
| Louisville/Jefferson County Metropolitan Government |
5,000 | 5,279,514 | ||||||
|
|
|
|||||||
| 19,960,955 | ||||||||
|
|
|
|||||||
| Louisiana – 0.9% |
||||||||
| City of New Orleans LA |
1,285 | 1,330,810 | ||||||
| Series 2022 |
1,000 | 1,021,770 | ||||||
| 5.00%, 12/01/2031 |
2,000 | 2,120,676 | ||||||
| Series 2024-A |
1,000 | 1,035,650 | ||||||
| Series 2026-A |
250 | 259,243 | ||||||
| 5.00%, 12/01/2029 |
250 | 261,558 | ||||||
| City of Shreveport LA |
1,400 | 1,402,049 | ||||||
| Louisiana Local Government Environmental Facilities & Community Development Auth |
665 | 677,194 | ||||||
| New Orleans Aviation Board |
1,000 | 1,040,116 | ||||||
| Parish of St. James LA |
1,500 | 1,623,046 | ||||||
| Parish of St. John the Baptist LA |
2,000 | 2,004,880 | ||||||
|
|
|
|||||||
| 12,776,992 | ||||||||
|
|
|
|||||||
| Maryland – 1.4% |
||||||||
| County of Prince George’s MD |
1,500 | 1,552,275 | ||||||
| Series 2020-A |
1,035 | 1,080,170 | ||||||
| Maryland Economic Development Corp. |
3,000 | 3,002,362 | ||||||
| Maryland Health & Higher Educational Facilities Authority |
5,000 | 5,162,079 | ||||||
16
| Principal Amount (000) |
U.S. $ Value | |||||||
| Maryland Health & Higher Educational Facilities Authority |
$ | 800 | $ | 815,893 | ||||
| 5.00%, 07/01/2030(c) |
1,000 | 1,042,059 | ||||||
| Maryland Stadium Authority Sports Entertainment Facilities Revenue |
2,000 | 2,112,255 | ||||||
| State of Maryland |
1,245 | 1,302,023 | ||||||
| State of Maryland Department of Transportation |
1,000 | 1,062,072 | ||||||
| 5.00%, 08/01/2033 |
1,150 | 1,222,372 | ||||||
| State of Maryland Department of Transportation |
950 | 967,587 | ||||||
|
|
|
|||||||
| 19,321,147 | ||||||||
|
|
|
|||||||
| Massachusetts – 2.9% |
||||||||
| City of Quincy MA |
15,500 | 15,824,176 | ||||||
| City of Revere MA |
10,000 | 10,132,943 | ||||||
| Commonwealth of Massachusetts |
1,000 | 1,084,777 | ||||||
| Massachusetts Development Finance Agency |
870 | 912,478 | ||||||
| Massachusetts Development Finance Agency |
1,000 | 1,012,710 | ||||||
| Massachusetts Development Finance Agency |
1,000 | 1,000,236 | ||||||
| Massachusetts Development Finance Agency |
1,000 | 1,090,929 | ||||||
| 7.375%, 10/01/2035 |
1,000 | 1,005,718 | ||||||
| Massachusetts Development Finance Agency |
1,295 | 1,296,039 | ||||||
| Massachusetts Port Authority |
1,120 | 1,139,123 | ||||||
| Series 2019-A |
2,255 | 2,293,502 | ||||||
17
| Principal Amount (000) |
U.S. $ Value | |||||||
| 5.00%, 07/01/2028 |
$ | 2,515 | $ | 2,605,674 | ||||
|
|
|
|||||||
| 39,398,305 | ||||||||
|
|
|
|||||||
| Michigan – 0.9% |
| |||||||
| Detroit Downtown Development Authority |
955 | 968,508 | ||||||
| Great Lakes Water Authority Water Supply System Revenue |
1,000 | 1,039,654 | ||||||
| Ingham Intermediate School District |
3,330 | 3,688,176 | ||||||
| 5.00%, 11/01/2035 |
2,960 | 3,277,283 | ||||||
| Michigan State Building Authority |
1,765 | 1,770,123 | ||||||
| Michigan State Hospital Finance Authority |
2,000 | 2,007,448 | ||||||
|
|
|
|||||||
| 12,751,192 | ||||||||
|
|
|
|||||||
| Minnesota – 0.4% |
| |||||||
| City of Shakopee MN Senior Housing Revenue |
1,300 | 1,288,013 | ||||||
| Minnesota Municipal Gas Agency |
1,000 | 1,026,665 | ||||||
| State of Minnesota |
1,500 | 1,534,066 | ||||||
| University of Minnesota |
1,020 | 1,039,521 | ||||||
|
|
|
|||||||
| 4,888,265 | ||||||||
|
|
|
|||||||
| Mississippi – 0.2% |
| |||||||
| City of Gulfport MS |
2,450 | 2,450,604 | ||||||
| Mississippi Business Finance Corp. |
1,000 | 1,000,781 | ||||||
|
|
|
|||||||
| 3,451,385 | ||||||||
|
|
|
|||||||
| Missouri – 0.6% |
| |||||||
| County of St. Louis MO |
755 | 768,168 | ||||||
| Health & Educational Facilities Authority of the State of Missouri |
3,535 | 3,585,001 | ||||||
18
| Principal Amount (000) |
U.S. $ Value | |||||||
| Missouri Highway & Transportation Commission |
$ | 2,500 | $ | 2,540,653 | ||||
| Missouri State Board of Public Buildings |
1,515 | 1,518,351 | ||||||
|
|
|
|||||||
| 8,412,173 | ||||||||
|
|
|
|||||||
| Montana – 0.1% |
| |||||||
| Montana Facility Finance Authority |
1,000 | 1,001,996 | ||||||
|
|
|
|||||||
| Nebraska – 0.1% |
| |||||||
| Central Plains Energy Project |
1,000 | 1,036,728 | ||||||
| Central Plains Energy Project |
1,000 | 1,054,578 | ||||||
|
|
|
|||||||
| 2,091,306 | ||||||||
|
|
|
|||||||
| Nevada – 0.4% |
| |||||||
| Clark County School District |
2,000 | 2,211,581 | ||||||
| Reno-Tahoe Airport Authority |
1,000 | 1,048,509 | ||||||
| 5.00%, 07/01/2030(c) |
1,000 | 1,060,013 | ||||||
| State of Nevada Department of Business & Industry |
425 | 269,875 | ||||||
| Tahoe-Douglas Visitors Authority |
1,000 | 1,041,521 | ||||||
|
|
|
|||||||
| 5,631,499 | ||||||||
|
|
|
|||||||
| New Hampshire – 1.8% |
| |||||||
| National Finance Authority Affordable Housing Certificates Series
2024-1 |
2,486 | 2,354,425 | ||||||
| New Hampshire Business Finance Authority |
300 | 298,257 | ||||||
| New Hampshire Business Finance Authority |
2,553 | 2,520,299 | ||||||
| New Hampshire Business Finance Authority |
2,484 | 2,474,711 | ||||||
19
| Principal Amount (000) |
U.S. $ Value | |||||||
| New Hampshire Business Finance Authority |
$ | 600 | $ | 599,823 | ||||
| New Hampshire Business Finance Authority |
950 | 940,748 | ||||||
| New Hampshire Business Finance Authority |
720 | 719,800 | ||||||
| New Hampshire Business Finance Authority |
2,000 | 741,552 | ||||||
| New Hampshire Business Finance Authority |
1,000 | 579,759 | ||||||
| 6.125%, 12/15/2033(a) |
1,000 | 998,554 | ||||||
| 6.50%, 12/01/2034(a) |
1,000 | 1,000,389 | ||||||
| New Hampshire Business Finance Authority |
1,138 | 1,139,778 | ||||||
| New Hampshire Business Finance Authority |
1,996 | 1,959,956 | ||||||
| Series 2026-2, Class A2 |
998 | 960,263 | ||||||
| New Hampshire Business Finance Authority |
1,500 | 1,604,908 | ||||||
| New Hampshire Business Finance Authority |
1,377 | 1,359,410 | ||||||
| New Hampshire Business Finance Authority |
1,085 | 1,079,532 | ||||||
| New Hampshire Business Finance Authority |
1,750 | 1,751,087 | ||||||
| New Hampshire Business Finance Authority |
1,080 | 1,068,850 | ||||||
| New Hampshire Health & Education Facilities Authority Act |
1,000 | 1,083,537 | ||||||
|
|
|
|||||||
| 25,235,638 | ||||||||
|
|
|
|||||||
| New Jersey – 4.0% |
| |||||||
| Atlantic County Improvement Authority (The) |
2,400 | 2,404,438 | ||||||
20
| Principal Amount (000) |
U.S. $ Value | |||||||
| City of Newark NJ |
$ | 1,290 | $ | 1,321,735 | ||||
| Garden State Preservation Trust |
1,950 | 2,023,764 | ||||||
| New Brunswick Parking Authority |
2,000 | 2,003,358 | ||||||
| New Jersey Economic Development Authority |
2,750 | 2,888,522 | ||||||
| New Jersey Economic Development Authority |
3,500 | 3,525,429 | ||||||
| New Jersey Economic Development Authority |
1,500 | 1,511,509 | ||||||
| New Jersey Economic Development Authority |
2,000 | 2,056,390 | ||||||
| 5.50%, 09/01/2029 |
5,910 | 6,362,877 | ||||||
| Series 2015-X 5.25%, 06/15/2027 |
1,395 | 1,396,865 | ||||||
| Series 2016-A 5.50%, 06/15/2028 |
1,500 | 1,511,417 | ||||||
| New Jersey Economic Development Authority |
1,280 | 1,292,418 | ||||||
| New Jersey Economic Development Authority |
1,400 | 1,402,537 | ||||||
| New Jersey Health Care Facilities Financing Authority |
1,935 | 1,924,660 | ||||||
| New Jersey Transportation Trust Fund Authority |
3,655 | 3,675,266 | ||||||
| 5.00%, 06/15/2028 |
2,115 | 2,126,701 | ||||||
| Series 2018-A 5.00%, 06/15/2028 |
1,050 | 1,055,809 | ||||||
| 5.00%, 06/15/2029 |
1,000 | 1,004,797 | ||||||
| 5.00%, 06/15/2030 |
5,370 | 5,395,648 | ||||||
| New Jersey Transportation Trust Fund Authority |
1,275 | 1,264,064 | ||||||
| New Jersey Transportation Trust Fund Authority |
255 | 268,704 | ||||||
21
| Principal Amount (000) |
U.S. $ Value | |||||||
| New Jersey Transportation Trust Fund Authority |
$ | 1,500 | $ | 1,442,943 | ||||
| Series 2019 |
1,040 | 1,070,933 | ||||||
| Newark Board of Education |
1,210 | 1,278,531 | ||||||
| South Jersey Transportation Authority |
1,675 | 1,775,902 | ||||||
| Tobacco Settlement Financing Corp./NJ |
3,375 | 3,479,581 | ||||||
|
|
|
|||||||
| 55,464,798 | ||||||||
|
|
|
|||||||
| New York – 6.6% |
| |||||||
| Build NYC Resource Corp. |
1,000 | 1,026,994 | ||||||
| City of New York NY |
2,000 | 2,040,349 | ||||||
| Series 2025 |
3,350 | 3,492,044 | ||||||
| Series 2026 |
1,000 | 1,075,476 | ||||||
| 5.00%, 08/01/2032 |
3,500 | 3,832,401 | ||||||
| Series 2026-A |
1,400 | 1,459,362 | ||||||
| Series 2026-G |
2,200 | 2,271,469 | ||||||
| 5.00%, 02/01/2032 |
13,020 | 14,192,567 | ||||||
| Metropolitan Transportation Authority |
1,510 | 1,515,883 | ||||||
| Series 2017 |
2,010 | 2,112,080 | ||||||
| Series 2017-C |
1,880 | 1,944,657 | ||||||
| Series 2025 |
1,505 | 1,657,389 | ||||||
| New York City Transitional Finance Authority Building Aid Revenue |
705 | 729,813 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue |
|
895 |
|
|
937,509 |
| ||
| Series 2024 |
865 | 868,538 | ||||||
| Series 2025-H |
390 | 401,218 | ||||||
| Series 2026 |
1,175 | 1,247,049 | ||||||
22
| Principal Amount (000) |
U.S. $ Value | |||||||
| New York State Dormitory Authority |
$ | 1,000 | $ | 1,028,396 | ||||
| 5.00%, 08/01/2033 |
1,500 | 1,524,297 | ||||||
| Series 2020 |
1,400 | 1,419,168 | ||||||
| 5.00%, 09/01/2029 |
1,750 | 1,819,989 | ||||||
| 5.00%, 09/01/2030 |
1,000 | 1,042,470 | ||||||
| Series 2024 |
900 | 902,525 | ||||||
| New York State Dormitory Authority |
1,775 | 1,778,783 | ||||||
| New York State Dormitory Authority |
1,000 | 923,772 | ||||||
| New York State Dormitory Authority |
750 | 782,555 | ||||||
| New York Transportation Development Corp. |
2,935 | 2,953,453 | ||||||
| 5.00%, 01/01/2030 |
6,750 | 6,895,698 | ||||||
| Series 2020 |
2,100 | 2,126,516 | ||||||
| New York Transportation Development Corp. |
1,550 | 1,557,264 | ||||||
| 5.00%, 12/01/2031 |
1,000 | 1,053,779 | ||||||
| Series 2022 |
2,065 | 2,188,863 | ||||||
| Port Authority of New York & New Jersey |
1,530 | 1,571,924 | ||||||
| 5.00%, 09/15/2030 |
2,500 | 2,564,622 | ||||||
| 5.00%, 09/15/2031 |
2,575 | 2,636,777 | ||||||
| Series 2019 |
2,500 | 2,589,042 | ||||||
| Series 2021-2 |
3,950 | 3,950,182 | ||||||
| 5.00%, 07/15/2027 |
2,480 | 2,521,945 | ||||||
| Series 2024-2 |
1,235 | 1,338,556 | ||||||
| Suffolk Regional Off-Track Betting Corp. |
1,500 | 1,529,442 | ||||||
| Triborough Bridge & Tunnel Authority |
1,205 | 1,221,694 | ||||||
| Troy Capital Resource Corp. |
1,270 | 1,317,008 | ||||||
|
|
|
|||||||
| 90,043,518 | ||||||||
|
|
|
|||||||
23
| Principal Amount (000) |
U.S. $ Value | |||||||
| North Carolina – 1.6% |
| |||||||
| County of Guilford NC |
$ | 3,000 | $ | 3,015,681 | ||||
| County of New Hanover NC |
1,010 | 1,010,000 | ||||||
| Cumberland County Industrial Facilities & Pollution Control Financing Authority |
11,000 | 11,001,126 | ||||||
| North Carolina Department of Transportation |
1,405 | 1,405,649 | ||||||
| North Carolina Medical Care Commission |
1,000 | 981,894 | ||||||
| North Carolina Medical Care Commission |
560 | 597,776 | ||||||
| North Carolina Medical Care Commission |
2,000 | 2,003,200 | ||||||
| North Carolina Municipal Power Agency No. 1 |
2,500 | 2,664,434 | ||||||
|
|
|
|||||||
| 22,679,760 | ||||||||
|
|
|
|||||||
| North Dakota – 0.1% |
| |||||||
| County of Ward ND |
1,300 | 1,313,765 | ||||||
|
|
|
|||||||
| Ohio – 2.4% |
| |||||||
| Buckeye Tobacco Settlement Financing Authority |
1,425 | 1,477,254 | ||||||
| City of Akron OH Income Tax Revenue |
1,120 | 1,123,360 | ||||||
| Columbus Regional Airport Authority |
3,160 | 3,411,979 | ||||||
| County of Cuyahoga OH |
1,115 | 1,121,054 | ||||||
| Jefferson County Port Authority/OH |
4,000 | 4,058,548 | ||||||
24
| Principal Amount (000) |
U.S. $ Value | |||||||
| Lancaster Port Authority |
$ | 1,000 | $ | 1,046,133 | ||||
| Ohio Air Quality Development Authority |
500 | 479,742 | ||||||
| Series 2024 |
4,000 | 4,022,820 | ||||||
| 3.70%, 10/01/2028 |
1,500 | 1,508,547 | ||||||
| 3.75%, 01/01/2029 |
1,500 | 1,510,057 | ||||||
| Ohio Air Quality Development Authority |
4,175 | 4,187,544 | ||||||
| Ohio Air Quality Development Authority |
2,400 | 2,338,369 | ||||||
| Ohio Higher Educational Facility Commission |
1,085 | 1,131,838 | ||||||
| Ohio Higher Educational Facility Commission |
1,000 | 1,010,289 | ||||||
| Series 2024 |
1,215 | 1,282,366 | ||||||
| Reynoldsburg City School District |
700 | 724,622 | ||||||
| State of Ohio |
1,050 | 1,050,966 | ||||||
| State of Ohio |
1,000 | 1,054,862 | ||||||
|
|
|
|||||||
| 32,540,350 | ||||||||
|
|
|
|||||||
| Oklahoma - 0.4% |
||||||||
| Oklahoma City Public Property Authority |
2,020 | 2,137,192 | ||||||
| Oklahoma Development Finance Authority |
1,000 | 1,024,542 | ||||||
| Oklahoma Municipal Power Authority |
740 | 812,307 | ||||||
| Tulsa Municipal Airport Trust Trustees/OK |
1,000 | 1,110,936 | ||||||
|
|
|
|||||||
| 5,084,977 | ||||||||
|
|
|
|||||||
25
| Principal Amount (000) |
U.S. $ Value | |||||||
| Oregon – 0.3% |
||||||||
| Medford Hospital Facilities Authority |
$ | 1,000 | $ | 1,020,877 | ||||
| Port of Portland OR Airport Revenue |
1,015 | 1,077,082 | ||||||
| Port of Portland OR Airport Revenue |
1,000 | 1,005,941 | ||||||
| 5.00%, 07/01/2031 |
1,100 | 1,105,868 | ||||||
|
|
|
|||||||
| 4,209,768 | ||||||||
|
|
|
|||||||
| Other – 0.2% |
| |||||||
| 2026 Loan Holding-1 |
2,400 | 2,391,329 | ||||||
|
|
|
|||||||
| Pennsylvania – 2.3% |
| |||||||
| Allegheny County Hospital Development Authority |
1,000 | 994,886 | ||||||
| City of Philadelphia PA Airport Revenue |
1,220 | 1,292,364 | ||||||
| Commonwealth of Pennsylvania |
1,025 | 1,027,206 | ||||||
| Series 2023 5.00%, 09/01/2027 |
1,500 | 1,535,836 | ||||||
| Series 2025-A 5.00%, 08/15/2027 |
2,000 | 2,045,739 | ||||||
| Series 2026 5.00%, 04/01/2027 |
5,000 | 5,070,331 | ||||||
| County of Allegheny PA |
2,000 | 2,007,618 | ||||||
| Hospitals & Higher Education Facilities Authority of Philadelphia (The) |
1,980 | 1,990,518 | ||||||
| Montgomery County Higher Education & Health Authority |
1,000 | 1,030,914 | ||||||
| 5.00%, 09/01/2031 |
1,500 | 1,543,347 | ||||||
| Pennsylvania Economic Development Financing Authority |
2,000 | 2,143,331 | ||||||
| Pennsylvania Economic Development Financing Authority |
1,000 | 1,039,122 | ||||||
26
| Principal Amount (000) |
U.S. $ Value | |||||||
| Pennsylvania Economic Development Financing Authority |
$ | 4,000 | $ | 4,005,236 | ||||
| Pennsylvania Economic Development Financing Authority |
2,000 | 2,139,958 | ||||||
| Pennsylvania Higher Educational Facilities Authority |
2,750 | 2,813,170 | ||||||
| Scranton School District/PA |
1,000 | 1,025,691 | ||||||
|
|
|
|||||||
| 31,705,267 | ||||||||
|
|
|
|||||||
| Puerto Rico – 2.1% |
| |||||||
| Commonwealth of Puerto Rico |
3,919 | 3,982,567 | ||||||
| 5.625%, 07/01/2029 |
675 | 709,053 | ||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority |
825 | 872,985 | ||||||
| Series 2021-B |
8,715 | 8,994,066 | ||||||
| 5.00%, 07/01/2029(a) |
1,500 | 1,568,984 | ||||||
| Series 2021-C |
2,000 | 1,977,059 | ||||||
| Puerto Rico Electric Power Authority |
1,565 | 1,158,100 | ||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue |
10,850 | 9,880,467 | ||||||
|
|
|
|||||||
| 29,143,281 | ||||||||
|
|
|
|||||||
| South Carolina – 1.1% |
||||||||
| Orangeburg County School District |
1,085 | 1,124,507 | ||||||
| Patriots Energy Group Financing Agency |
2,130 | 2,260,894 | ||||||
| South Carolina Jobs-Economic Development Authority |
1,000 | 1,001,434 | ||||||
| South Carolina Jobs-Economic Development Authority |
1,000 | 1,001,485 | ||||||
| South Carolina Public Service Authority |
1,160 | 1,161,525 | ||||||
| 5.00%, 12/01/2034 |
1,015 | 1,015,823 | ||||||
27
| Principal Amount (000) |
U.S. $ Value | |||||||
| 5.00%, 12/01/2036 |
$ | 1,010 | $ | 1,010,683 | ||||
| Series 2025-B |
1,775 | 1,937,799 | ||||||
| Series 2026-D |
5,000 | 5,324,321 | ||||||
|
|
|
|||||||
| 15,838,471 | ||||||||
|
|
|
|||||||
| Tennessee – 1.3% |
| |||||||
| Chattanooga Health Educational & Housing Facility Board |
1,000 | 1,018,512 | ||||||
| Memphis-Shelby County Airport Authority |
1,355 | 1,416,238 | ||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities
Board |
2,000 | 2,039,766 | ||||||
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities
Board |
1,000 | 1,036,072 | ||||||
| Metropolitan Nashville Airport Authority (The) |
1,005 | 1,064,983 | ||||||
| Series 2022-B |
1,625 | 1,737,379 | ||||||
| Series 2026-B |
1,575 | 1,650,603 | ||||||
| Tennergy Corp./TN |
1,500 | 1,571,965 | ||||||
| Tennessee Energy Acquisition Corp. |
2,000 | 2,046,215 | ||||||
| Tennessee Energy Acquisition Corp. |
2,500 | 2,620,498 | ||||||
| Tennessee Energy Acquisition Corp. |
2,000 | 2,081,761 | ||||||
|
|
|
|||||||
| 18,283,992 | ||||||||
|
|
|
|||||||
| Texas – 5.9% |
| |||||||
| Central Texas Regional Mobility Authority |
1,420 | 1,507,709 | ||||||
| City of Dallas TX Waterworks & Sewer System Revenue |
1,325 | 1,327,427 | ||||||
| City of Fort Worth TX |
2,000 | 2,023,710 | ||||||
28
| Principal Amount (000) |
U.S. $ Value | |||||||
| City of Houston TX Airport System Revenue |
$ | 2,000 | $ | 2,067,049 | ||||
| AG Series 2023 |
1,420 | 1,523,435 | ||||||
| Series 2025-A |
1,600 | 1,653,946 | ||||||
| City of Houston TX Airport System Revenue |
1,000 | 1,020,448 | ||||||
| Series 2020 |
1,500 | 1,516,603 | ||||||
| Series 2024-B |
2,500 | 2,633,179 | ||||||
| 5.25%, 07/15/2034 |
1,500 | 1,580,671 | ||||||
| Series 2025 |
1,410 | 1,467,876 | ||||||
| Series 2026 |
1,000 | 1,063,869 | ||||||
| City of San Antonio TX Airport System |
550 | 575,641 | ||||||
| Series 2026 |
1,900 | 1,990,677 | ||||||
| City of San Antonio TX Electric & Gas Systems Revenue |
1,850 | 1,830,982 | ||||||
| Series 2026-B |
1,500 | 1,502,088 | ||||||
| Dallas Fort Worth International Airport |
5,000 | 5,369,769 | ||||||
| 5.00%, 11/01/2033 |
2,000 | 2,173,189 | ||||||
| 5.00%, 11/01/2050 |
2,000 | 2,093,540 | ||||||
| Dallas Independent School District |
1,000 | 1,058,783 | ||||||
| Harris County Cultural Education Facilities Finance Corp. |
1,525 | 1,617,619 | ||||||
| Harris County Cultural Education Facilities Finance Corp. |
3,600 | 3,778,532 | ||||||
| Harris County Housing Finance Corp. |
2,500 | 2,491,459 | ||||||
| Harris County Industrial Development Corp. |
2,000 | 2,035,465 | ||||||
| Harris County-Houston Sports Authority |
3,055 | 1,463,341 | ||||||
29
| Principal Amount (000) |
U.S. $ Value | |||||||
| Irving Hospital Authority |
$ | 1,000 | $ | 1,000,586 | ||||
| Legacy Denton Public Facility Corp. |
4,000 | 3,958,874 | ||||||
| Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue |
1,000 | 1,003,930 | ||||||
| Midland County Fresh Water Supply District No. 1 |
1,250 | 739,739 | ||||||
| Mission Economic Development Corp. |
2,000 | 2,054,461 | ||||||
| Mission Economic Development Corp. |
1,400 | 1,408,036 | ||||||
| Mission Economic Development Corp. |
1,855 | 1,857,544 | ||||||
| Port Arthur Housing Authority |
1,100 | 1,083,623 | ||||||
| Port Freeport TX |
1,085 | 1,120,315 | ||||||
| Port of Beaumont Industrial Development Authority |
1,800 | 1,661,985 | ||||||
| Tarrant County Cultural Education Facilities Finance Corp. |
2,000 | 2,114,472 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. II |
815 | 816,746 | ||||||
| Series 2012-C |
1,005 | 1,006,709 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. III |
2,000 | 2,097,991 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. IV |
4,000 | 4,179,660 | ||||||
| Series 2023-B |
1,500 | 1,599,065 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. V |
1,000 | 1,037,044 | ||||||
30
| Principal Amount (000) |
U.S. $ Value | |||||||
| Texas Municipal Gas Acquisition & Supply Corp. VI |
$ | 1,000 | $ | 1,038,863 | ||||
| Texas Private Activity Bond Surface Transportation Corp. |
1,000 | 1,051,665 | ||||||
| Texas State University System |
1,000 | 1,028,018 | ||||||
| Texas Water Development Board |
1,000 | 1,002,878 | ||||||
| University of Houston |
1,000 | 1,011,133 | ||||||
|
|
|
|||||||
| 81,240,344 | ||||||||
|
|
|
|||||||
| Utah – 0.7% |
| |||||||
| Deseret Public Infrastructure District No. 2 |
2,200 | 2,201,888 | ||||||
| Grapevine Wash Local District |
1,000 | 976,981 | ||||||
| Intermountain Power Agency |
1,095 | 1,116,273 | ||||||
| Utah Board of Higher Education |
1,110 | 1,154,397 | ||||||
| Utah Infrastructure Agency |
765 | 771,398 | ||||||
| Series 2022 |
1,135 | 1,192,210 | ||||||
| Series 2024 |
440 | 440,785 | ||||||
| Utah Transit Authority |
1,000 | 1,074,933 | ||||||
| Wolf Creek Infrastructure Financing District No. 1 |
994 | 1,018,476 | ||||||
|
|
|
|||||||
| 9,947,341 | ||||||||
|
|
|
|||||||
| Virginia – 0.6% |
| |||||||
| Louisa Industrial Development Authority |
2,000 | 2,015,215 | ||||||
| Series 2025 |
2,000 | 1,983,225 | ||||||
31
| Principal Amount (000) |
U.S. $ Value | |||||||
| Virginia College Building Authority |
$ | 800 | $ | 725,113 | ||||
| Virginia Small Business Financing Authority |
1,170 | 1,237,915 | ||||||
| Virginia Small Business Financing Authority |
2,000 | 2,000,035 | ||||||
|
|
|
|||||||
| 7,961,503 | ||||||||
|
|
|
|||||||
| Washington – 1.4% |
| |||||||
| King County School District No. 414 Lake Washington |
1,060 | 1,066,474 | ||||||
| Port of Seattle WA |
1,260 | 1,274,819 | ||||||
| Series 2018-A |
2,185 | 2,212,747 | ||||||
| 5.00%, 05/01/2036 |
1,035 | 1,044,513 | ||||||
| Series 2018-B |
1,000 | 1,013,204 | ||||||
| Series 2022 |
1,000 | 1,059,054 | ||||||
| 5.00%, 08/01/2033 |
1,000 | 1,068,485 | ||||||
| Series 2025-B |
2,000 | 2,076,906 | ||||||
| 5.00%, 10/01/2031 |
1,000 | 1,069,884 | ||||||
| Series 2026 |
1,500 | 1,531,759 | ||||||
| State of Washington |
1,000 | 1,021,874 | ||||||
| Washington State Housing Finance Commission |
1,000 | 997,219 | ||||||
| 3.00%, 07/01/2031 |
1,000 | 995,609 | ||||||
| Washington State Housing Finance Commission |
1,000 | 995,871 | ||||||
| Washington State Housing Finance Commission |
1,225 | 1,248,624 | ||||||
|
|
|
|||||||
| 18,677,042 | ||||||||
|
|
|
|||||||
| West Virginia – 0.6% |
| |||||||
| Tobacco Settlement Finance Authority/WV |
2,595 | 2,538,426 | ||||||
| West Virginia Economic Development Authority |
3,000 | 3,002,322 | ||||||
32
| Principal Amount (000) |
U.S. $ Value | |||||||
| West Virginia Economic Development Authority |
$ | 2,665 | $ | 2,833,933 | ||||
|
|
|
|||||||
| 8,374,681 | ||||||||
|
|
|
|||||||
| Wisconsin – 2.1% |
| |||||||
| Central Brown County Water Authority |
1,135 | 1,164,445 | ||||||
| City of Milwaukee WI |
2,360 | 2,389,592 | ||||||
| Series 2020-N |
1,000 | 1,012,539 | ||||||
| AG Series 2023 |
1,025 | 1,104,199 | ||||||
| AG Series 2023-N |
1,690 | 1,749,643 | ||||||
| Wisconsin Health & Educational Facilities Authority |
1,640 | 1,790,546 | ||||||
| Wisconsin Health & Educational Facilities Authority |
1,000 | 1,039,128 | ||||||
| Wisconsin Public Finance Authority |
2,000 | 937,054 | ||||||
| Wisconsin Public Finance Authority |
2,000 | 1,923,948 | ||||||
| Wisconsin Public Finance Authority |
2,000 | 1,021,034 | ||||||
| Wisconsin Public Finance Authority |
2,000 | 1,986,150 | ||||||
| Wisconsin Public Finance Authority |
2,000 | 1,997,535 | ||||||
| Wisconsin Public Finance Authority |
1,540 | 1,573,249 | ||||||
| Wisconsin Public Finance Authority |
1,305 | 1,333,894 | ||||||
| Wisconsin Public Finance Authority |
100 | 79,680 | ||||||
33
| Principal Amount (000) |
U.S. $ Value | |||||||
| Wisconsin Public Finance Authority |
$ | 975 | $ | 1,024,638 | ||||
| Wisconsin Public Finance Authority |
1,478 | 1,472,728 | ||||||
| Wisconsin Public Finance Authority |
1,000 | 999,049 | ||||||
| 5.00%, 02/01/2033 |
1,460 | 1,434,556 | ||||||
| Wisconsin Public Finance Authority |
751 | 750,783 | ||||||
| Wisconsin Public Finance Authority |
1,435 | 1,414,923 | ||||||
|
|
|
|||||||
| 28,199,313 | ||||||||
|
|
|
|||||||
| Total Long-Term Municipal Bonds |
|
1,138,589,050 | ||||||
|
|
|
|||||||
| Short-Term Municipal Notes – 15.8% |
| |||||||
| Alabama – 0.1% |
| |||||||
| Alabama Highway Authority |
1,000 | 1,000,000 | ||||||
|
|
|
|||||||
| Arizona – 1.4% |
| |||||||
| Arizona Health Facilities Authority |
19,070 | 19,070,000 | ||||||
|
|
|
|||||||
| California – 1.0% |
| |||||||
| City of Los Angeles CA |
7,000 | 7,147,025 | ||||||
| City of Los Angeles Department of Airports |
1,000 | 1,015,374 | ||||||
| City of Oakland CA |
4,040 | 4,124,384 | ||||||
| Nuveen California AMT-Free Quality Municipal Income Fund |
1,000 | 1,000,000 | ||||||
|
|
|
|||||||
| 13,286,783 | ||||||||
|
|
|
|||||||
| Colorado – 0.5% |
| |||||||
| Colorado Educational & Cultural Facilities Authority |
350 | 350,000 | ||||||
| Colorado Educational & Cultural Facilities Authority |
1,400 | 1,400,000 | ||||||
34
| Principal Amount (000) |
U.S. $ Value | |||||||
| Colorado Educational & Cultural Facilities Authority |
$ | 775 | $ | 775,000 | ||||
| Colorado Health Facilities Authority |
1,345 | 1,345,000 | ||||||
| Colorado State Education Loan Program |
3,000 | 3,057,163 | ||||||
|
|
|
|||||||
| 6,927,163 | ||||||||
|
|
|
|||||||
| Connecticut – 0.2% |
| |||||||
| City of Danbury CT |
2,500 | 2,515,906 | ||||||
|
|
|
|||||||
| District of Columbia – 0.1% |
| |||||||
| District of Columbia |
1,210 | 1,210,000 | ||||||
|
|
|
|||||||
| Florida - 1.0% |
| |||||||
| County of Miami-Dade FL Water & Sewer System Revenue |
1,650 | 1,653,297 | ||||||
| Hillsborough County Industrial Development Authority |
1,825 | 1,825,000 | ||||||
| School Board of Miami-Dade County (The) |
10,000 | 10,049,092 | ||||||
|
|
|
|||||||
| 13,527,389 | ||||||||
|
|
|
|||||||
| Georgia – 0.4% |
| |||||||
| Cobb County School District |
3,500 | 3,513,399 | ||||||
| County of Fulton GA |
1,540 | 1,552,138 | ||||||
|
|
|
|||||||
| 5,065,537 | ||||||||
|
|
|
|||||||
| Hawaii – 0.2% |
| |||||||
| State of Hawaii Department of Budget & Finance |
3,505 | 3,505,000 | ||||||
|
|
|
|||||||
| Idaho – 1.6% |
| |||||||
| Idaho Health Facilities Authority |
14,745 | 14,745,000 | ||||||
35
| Principal Amount (000) |
U.S. $ Value | |||||||
| State of Idaho |
$ | 7,000 | $ | 7,076,172 | ||||
|
|
|
|||||||
| 21,821,172 | ||||||||
|
|
|
|||||||
| Illinois – 0.8% |
||||||||
| Illinois Finance Authority |
10,405 | 10,405,000 | ||||||
|
|
|
|||||||
| Iowa – 0.3% |
| |||||||
| Des Moines Independent Community School District |
3,000 | 3,049,993 | ||||||
| Iowa Finance Authority |
800 | 800,000 | ||||||
|
|
|
|||||||
| 3,849,993 | ||||||||
|
|
|
|||||||
| Kansas – 0.1% |
||||||||
| University of Kansas Hospital Authority |
850 | 859,432 | ||||||
|
|
|
|||||||
| Massachusetts – 0.4% |
| |||||||
| City of Quincy MA |
5,705 | 5,714,815 | ||||||
|
|
|
|||||||
| Michigan – 0.1% |
| |||||||
| Green Lake Township Economic Development Corp. |
1,200 | 1,200,000 | ||||||
|
|
|
|||||||
| Missouri – 0.4% |
| |||||||
| Health & Educational Facilities Authority of the State of Missouri |
2,130 | 2,130,000 | ||||||
| 3.00%, 10/01/2035(g) |
3,015 | 3,015,000 | ||||||
| Missouri Development Finance Board |
1,100 | 1,100,000 | ||||||
|
|
|
|||||||
| 6,245,000 | ||||||||
|
|
|
|||||||
| New Jersey –1.8% |
||||||||
| City of Hoboken NJ |
4,091 | 4,118,204 | ||||||
| City of Jersey City NJ |
4,073 | 4,079,680 | ||||||
| County of Hudson NJ |
2,500 | 2,515,856 | ||||||
36
| Principal Amount (000) |
U.S. $ Value | |||||||
| County of Mercer NJ |
$ | 5,841 | $ | 5,888,031 | ||||
| Essex County Improvement Authority |
2,500 | 2,517,790 | ||||||
| Jersey City Redevelopment Agency |
2,000 | 2,012,165 | ||||||
| Monmouth County Improvement Authority (The) |
3,500 | 3,523,383 | ||||||
|
|
|
|||||||
| 24,655,109 | ||||||||
|
|
|
|||||||
| New York – 2.0% |
| |||||||
| City of New York NY |
1,100 | 1,100,000 | ||||||
| Series 2018-E |
950 | 950,000 | ||||||
| City of Rochester NY |
5,000 | 5,058,114 | ||||||
| Orchard Park Central School District |
7,705 | 7,772,785 | ||||||
| Town of Oyster Bay NY |
1,500 | 1,510,592 | ||||||
| 4.00%, 08/20/2027 |
5,500 | 5,572,178 | ||||||
| Triborough Bridge & Tunnel Authority |
4,685 | 4,685,000 | ||||||
| Series 2022-B |
400 | 400,000 | ||||||
| Series 2023-C |
225 | 225,000 | ||||||
|
|
|
|||||||
| 27,273,669 | ||||||||
|
|
|
|||||||
| North Carolina – 0.1% |
| |||||||
| Charlotte-Mecklenburg Hospital Authority (The) |
1,570 | 1,570,000 | ||||||
|
|
|
|||||||
| Ohio – 0.6% |
| |||||||
| State of Ohio |
7,700 | 7,700,000 | ||||||
|
|
|
|||||||
| Oregon – 0.1% |
| |||||||
| Oregon State Facilities Authority |
1,750 | 1,750,000 | ||||||
|
|
|
|||||||
37
| Principal Amount (000) |
U.S. $ Value | |||||||
| Other – 0.1% |
||||||||
| Nuveen AMT-Free Municipal Credit Income Fund |
$ | 1,000 | $ | 1,000,000 | ||||
| Nuveen AMT-Free Quality Municipal Income Fund |
1,000 | 1,000,000 | ||||||
|
|
|
|||||||
| 2,000,000 | ||||||||
|
|
|
|||||||
| Pennsylvania – 1.9% |
| |||||||
| Pennsylvania Economic Development Financing Authority |
20,800 | 20,800,000 | ||||||
| School District of Philadelphia (The) |
5,000 | 5,083,602 | ||||||
|
|
|
|||||||
| 25,883,602 | ||||||||
|
|
|
|||||||
| Tennessee – 0.1% |
| |||||||
| Metropolitan Government of Nashville & Davidson County TN |
2,000 | 2,015,894 | ||||||
|
|
|
|||||||
| Texas – 0.1% |
| |||||||
| Tarrant Regional Water District Water Supply System Revenue |
1,500 | 1,518,082 | ||||||
|
|
|
|||||||
| Virginia – 0.0% |
| |||||||
| Roanoke Economic Development Authority |
400 | 400,000 | ||||||
|
|
|
|||||||
| Washington – 0.1% |
| |||||||
| Port of Seattle WA |
1,600 | 1,618,508 | ||||||
|
|
|
|||||||
| Wisconsin – 0.3% |
| |||||||
| Wisconsin Health & Educational Facilities Authority |
3,665 | 3,665,000 | ||||||
|
|
|
|||||||
| Total Short-Term Municipal Notes |
|
216,253,054 | ||||||
|
|
|
|||||||
| Total Municipal Obligations |
|
1,354,842,104 | ||||||
|
|
|
|||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS – 0.5% |
| |||||||
| Risk Share Floating Rate – 0.5% |
| |||||||
| Connecticut Avenue Securities Trust |
129 | 128,656 | ||||||
| Series 2026-R01, Class 2M1 |
1,919 | 1,916,483 | ||||||
| Series 2026-R04, Class 2A1 |
1,450 | 1,449,006 | ||||||
38
| Principal Amount (000) |
U.S. $ Value | |||||||
| Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes |
$ | 374 | $ | 377,422 | ||||
| Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2025-DNA4 |
686 | 685,190 | ||||||
| Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes 2026-HQA1 |
1,775 | 1,771,113 | ||||||
|
|
|
|||||||
| Total Collateralized Mortgage Obligations |
|
6,327,870 | ||||||
|
|
|
|||||||
| ASSET-BACKED SECURITIES – 0.4% |
| |||||||
| Autos - Fixed Rate – 0.3% |
| |||||||
| Arivo Acceptance Auto Loan Receivables Trust |
1 | 522 | ||||||
| Lendbuzz Securitization Trust |
102 | 102,686 | ||||||
| Series 2025-1A, Class A2 |
952 | 952,961 | ||||||
| Tricolor Auto Securitization Trust |
3,644 | 1,821,804 | ||||||
| Veros Auto Receivables Trust |
1,346 | 1,345,951 | ||||||
|
|
|
|||||||
| 4,223,924 | ||||||||
|
|
|
|||||||
| Other ABS - Fixed Rate – 0.1% |
| |||||||
| Dext ABS LLC |
4 | 3,805 | ||||||
| SoFi Consumer Loan Program |
1,826 | 1,825,017 | ||||||
|
|
|
|||||||
| 1,828,822 | ||||||||
|
|
|
|||||||
| Total Asset-Backed Securities |
6,052,746 | |||||||
|
|
|
|||||||
| CORPORATES - INVESTMENT GRADE – 0.2% |
| |||||||
| Industrial – 0.2% |
| |||||||
| Consumer Non-Cyclical – 0.2% |
| |||||||
| Altria Group, Inc. |
215 | 203,605 | ||||||
| BAT Capital Corp. |
230 | 229,170 | ||||||
| Philip Morris International, Inc. |
250 | 255,517 | ||||||
| SSM Health Care Corp. |
2,000 | 1,994,520 | ||||||
|
|
|
|||||||
| 2,682,812 | ||||||||
|
|
|
|||||||
| Technology – 0.0% |
| |||||||
| CDW LLC/CDW Finance Corp. |
370 | 368,194 | ||||||
|
|
|
|||||||
| 3,051,006 | ||||||||
|
|
|
|||||||
39
| Principal Amount (000) |
U.S. $ Value | |||||||
| Financial Institutions – 0.0% |
||||||||
| Banking – 0.0% |
||||||||
| Citigroup, Inc. |
$ | 184 | $ | 191,548 | ||||
| Wells Fargo & Co. |
27 | 28,106 | ||||||
|
|
|
|||||||
| 219,654 | ||||||||
|
|
|
|||||||
| Total Corporates - Investment Grade |
3,270,660 | |||||||
|
|
|
|||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.2% |
||||||||
| Non-Agency Floating Rate CMBS – 0.1% |
||||||||
| DBC Mortgage Trust |
1,624 | 1,626,728 | ||||||
|
|
|
|||||||
| Non-Agency Fixed Rate CMBS – 0.1% |
||||||||
| MAD Commercial Mortgage Trust |
1,500 | 1,471,689 | ||||||
|
|
|
|||||||
| Total Commercial Mortgage-Backed Securities |
3,098,417 | |||||||
|
|
|
|||||||
| Shares | ||||||||
| WARRANTS – 0.0% |
||||||||
| Industrials – 0.0% |
||||||||
| Construction & Engineering – 0.0% |
||||||||
| DesertXpress Enterprises LLC, expiring 12/31/2026(e) (h) (i)
(k) |
6,608 | 9,912 | ||||||
|
|
|
|||||||
| SHORT-TERM INVESTMENTS – 2.5% |
||||||||
| Investment Companies – 2.5% |
||||||||
| AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 3.51%(l) (m) (n) |
34,187,778 | 34,187,778 | ||||||
|
|
|
|||||||
| Total Investments – 102.5% |
1,407,789,487 | |||||||
| Other assets less liabilities - (2.5)% |
(34,807,895 | ) | ||||||
|
|
|
|||||||
| Net Assets – 100.0% |
$ | 1,372,981,592 | ||||||
|
|
|
|||||||
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 |
| |||||||||||||||||||||||||||||
| CDX-NAHY Series 46, 5 Year Index, 06/20/2031* |
(5.00 | )% | Quarterly | 3.01% | USD | 3,655 | $ | (325,669) | $ | (130,979) | $ | (194,690) | ||||||||||||||||||
| * | Termination date. |
40
CENTRALLY CLEARED INFLATION (CPI) SWAPS
| Rate Type | ||||||||||||||||||||||||
| Notional Amount (000) |
Termination Date |
Payments made by the Fund |
Payments by the Fund |
Payment Frequency Paid/ Received |
Market Value |
Upfront (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||
| USD | 1,830 | 10/15/2028 | CPI# | 2.565% | Maturity | $ | (15,590 | ) | $ | — | $ | (15,590 | ) | |||||||||||
| USD | 4,499 | 10/15/2029 | 2.451% | CPI# | Maturity | 59,971 | — | 59,971 | ||||||||||||||||
| USD | 3,450 | 10/15/2029 | 2.485% | CPI# | Maturity | 40,358 | — | 40,358 | ||||||||||||||||
| USD | 2,901 | 10/15/2029 | 2.499% | CPI# | Maturity | 31,970 | — | 31,970 | ||||||||||||||||
| USD | 7,000 | 10/15/2030 | 2.615% | CPI# | Maturity | 17,272 | — | 17,272 | ||||||||||||||||
| USD | 1,920 | 10/15/2030 | CPI# | 2.531% | Maturity | (17,489 | ) | — | (17,489 | ) | ||||||||||||||
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| $ | 116,492 | $ | — | $ | 116,492 | |||||||||||||||||||
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| # | Variable interest rate based on the rate of inflation as determined by the Consumer Price Index (CPI). |
CENTRALLY CLEARED INTEREST RATE SWAPS
| Rate Type | ||||||||||||||||||||||||
| Notional |
Termination Date |
Payments made by |
Payments by the |
Payment Frequency Paid/ Received |
Market Value |
Upfront (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||
| USD | 2,336 | 10/15/2029 | 1 Day SOFR | 3.814% | Annual | $ | (25,873 | ) | $ | — | $ | (25,873 | ) | |||||||||||
| USD | 2,500 | 10/15/2030 | 1 Day SOFR | 4.082% | Annual | (5,638 | ) | — | (5,638 | ) | ||||||||||||||
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| $ | (31,511 | ) | $ | — | $ | (31,511 | ) | |||||||||||||||||
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| (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 $112,043,666 or 8.2% of net assets. |
| (b) | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at August 31, 2026. |
| (c) | When-Issued or delayed delivery security. |
| (d) | Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.28% 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 | ||||||||
| Indiana Finance Authority |
06/24/2024 | $ | 2,000,000 | $ | 1,999,823 | 0.15% | ||||||
| Tricolor Auto Securitization Trust |
06/10/2025 | 3,643,516 | 1,821,804 | 0.13% | ||||||||
| (e) | Non-income producing security. |
| (f) | Defaulted. |
| (g) | Variable Rate Demand Notes are instruments whose interest rates change on a specific date (such as coupon date or interest payment date) or whose interest rates vary with changes in a designated base rate (such as the prime interest rate). This instrument is payable on demand and is secured by letters of credit or other credit support agreements from major banks. |
| (h) | Fair valued by the Adviser. |
| (i) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (j) | Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
| (k) | Restricted and illiquid security. |
| Restricted & Illiquid Securities | Acquisition Date |
Cost | Market Value |
Percentage of Net Assets | ||||||||||||||||
| DesertXpress Enterprises LLC 12/31/2026 |
11/28/2025 - 12/16/2025 | $ | -0- | $ | 9,912 | 0.00 | % | |||||||||||||
| (l) | The rate shown represents the 7-day yield as of period end. |
| (m) | Affiliated investments. |
41
| (n) | 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. |
| (o) | 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 $4,074,419 and gross unrealized depreciation of investments was $8,536,375, resulting in net unrealized depreciation of $4,461,956. |
As of August 31, 2026, the Portfolio’s percentages of investments in municipal bonds that are insured and in insured municipal bonds that have been pre-refunded or escrowed to maturity are 4.9% and 0.0%, respectively.
Glossary:
ABS – Asset-Backed Securities
AG – Assured Guaranty Inc.
AMBAC – American Bond Assurance Corporation
AMT – Alternative Minimum Tax (subject to)
BAM – Build American Mutual
CDX-NAHY – North American High Yield Credit Default Swap Index
CMBS – Commercial Mortgage-Backed Securities
CME – Chicago Mercantile Exchange
COP – Certificate of Participation
ID – Improvement District
MUNIPSA – SIFMA Municipal Swap Index.
NATL – National Interstate Corporation
OSF – Order of St. Francis
SOFR – Secured Overnight Financing Rate
UPMC – University of Pittsburgh Medical Center
42
AB Active ETFs, Inc.
AB Tax-Aware Short Duration Municipal 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.
43
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: | ||||||||||||||||
| Long-Term Municipal Bonds | $ | -0- | $ | 1,138,589,050 | $ | -0- | $ | 1,138,589,050 | ||||||||
| Short-Term Municipal Notes | -0- | 216,253,054 | -0- | 216,253,054 | ||||||||||||
| Collateralized Mortgage Obligations | -0- | 6,327,870 | -0- | 6,327,870 | ||||||||||||
| Asset-Backed Securities | -0- | 4,230,942 | 1,821,804 | 6,052,746 | ||||||||||||
| Corporates - Investment Grade | -0- | 3,270,660 | -0- | 3,270,660 | ||||||||||||
| Commercial Mortgage-Backed Securities | -0- | 3,098,417 | -0- | 3,098,417 | ||||||||||||
| Warrants | -0- | -0- | 9,912 | 9,912 | ||||||||||||
| Short-Term Investments | 34,187,778 | -0- | -0- | 34,187,778 | ||||||||||||
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| Total Investments in Securities | 34,187,778 | 1,371,769,993 | 1,831,716 | 1,407,789,487 | ||||||||||||
| Other Financial Instruments(a): | ||||||||||||||||
| Assets: | ||||||||||||||||
| Centrally Cleared Inflation (CPI) Swaps | -0- | 149,571 | -0- | 149,571 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Centrally Cleared Credit Default Swaps | -0- | (325,669 | ) | -0- | (325,669 | ) | ||||||||||
| Centrally Cleared Inflation (CPI) Swaps | -0- | (33,079 | ) | -0- | (33,079 | ) | ||||||||||
| Centrally Cleared Interest Rate Swaps | -0- | (31,511 | ) | -0- | (31,511 | ) | ||||||||||
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|
|
|||||||||
| Total | $ | 34,187,778 | $ | 1,371,529,305 | $ | 1,831,716 | $ | 1,407,548,799 | ||||||||
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| (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 | $ | 30,907 | $ | 493,704 | $ | 490,423 | $ | 34,188 | $ | 701 | ||||||||||
44