AB Active ETFs, Inc.
AB Tax-Aware Intermediate Municipal ETF
Portfolio of Investments
August 31, 2026 (unaudited)
| Principal Amount (000) |
U.S. $ Value | |||||||
| MUNICIPAL OBLIGATIONS – 98.1% |
||||||||
| Long-Term Municipal Bonds – 91.7% |
||||||||
| Alabama – 4.4% |
||||||||
| Alabama Highway Authority |
$ | 1,000 | $ | 1,051,537 | ||||
| Black Belt Energy Gas District |
1,000 | 1,058,323 | ||||||
| Black Belt Energy Gas District |
2,250 | 2,341,270 | ||||||
| Series 2025-E |
1,000 | 1,041,881 | ||||||
| Series 2026 |
1,000 | 1,032,950 | ||||||
| Black Belt Energy Gas District |
1,000 | 1,025,419 | ||||||
| Series 2026-B |
1,035 | 1,092,902 | ||||||
| Black Belt Energy Gas District |
2,750 | 2,860,828 | ||||||
| Series 2025-G |
1,000 | 1,035,118 | ||||||
| Series 2026-E |
1,000 | 1,039,966 | ||||||
| Series 2026-H |
3,000 | 2,997,850 | ||||||
| Black Belt Energy Gas District |
1,100 | 1,097,531 | ||||||
| Black Belt Energy Gas District |
2,000 | 2,079,805 | ||||||
| Series 2026-F |
1,000 | 1,040,880 | ||||||
| County of Jefferson AL Sewer Revenue |
1,250 | 1,321,173 | ||||||
| 5.25%, 10/01/2044 |
100 | 104,045 | ||||||
| Energy Southeast A Cooperative District |
1,460 | 1,530,176 | ||||||
| Series 2026 |
1,000 | 1,001,321 | ||||||
| Energy Southeast A Cooperative District |
1,000 | 1,052,962 | ||||||
| Lauderdale County Agriculture Center Authority |
1,000 | 1,031,651 | ||||||
1
| Principal Amount (000) |
U.S. $ Value | |||||||
| Southeast Alabama Gas Supply District (The) |
$ | 200 | $ | 207,790 | ||||
| Southeast Energy Authority A Cooperative District |
500 | 504,705 | ||||||
| Southeast Energy Authority A Cooperative District |
1,900 | 1,932,879 | ||||||
| Southeast Energy Authority A Cooperative District |
1,100 | 1,164,563 | ||||||
| Southeast Energy Authority A Cooperative District |
1,000 | 1,059,115 | ||||||
| Southeast Energy Authority A Cooperative District |
750 | 781,745 | ||||||
| University of South Alabama |
2,115 | 2,162,205 | ||||||
|
|
|
|||||||
| 34,650,590 | ||||||||
|
|
|
|||||||
| Alaska – 0.0% |
||||||||
| Northern Tobacco Securitization Corp. |
1,000 | 109,178 | ||||||
|
|
|
|||||||
| Arizona – 2.3% |
||||||||
| Arizona Board of Regents |
2,175 | 2,290,801 | ||||||
| Arizona Industrial Development Authority |
1,000 | 1,010,222 | ||||||
| Series 2024 |
150 | 154,045 | ||||||
| 5.00%, 11/01/2049 |
1,000 | 1,006,040 | ||||||
| Arizona Industrial Development Authority |
1,000 | 1,040,533 | ||||||
| Arizona Industrial Development Authority |
1,000 | 797,995 | ||||||
| Chandler Industrial Development Authority |
300 | 302,869 | ||||||
| 5.00%, 09/01/2052 |
1,000 | 1,009,769 | ||||||
| Series 2024 |
2,000 | 2,009,635 | ||||||
2
| Principal Amount (000) |
U.S. $ Value | |||||||
| Industrial Development Authority of the City of Phoenix Arizona (The) |
$ | 1,000 | $ | 1,004,626 | ||||
| La Paz County Industrial Development Authority |
400 | 400,073 | ||||||
| Maricopa County Industrial Development Authority |
1,000 | 1,096,673 | ||||||
| Maricopa County Industrial Development Authority |
250 | 233,109 | ||||||
| Salt River Project Agricultural Improvement & Power District |
1,000 | 1,052,593 | ||||||
| Series 2025-C |
2,000 | 2,089,016 | ||||||
| Salt Verde Financial Corp. |
2,500 | 2,541,639 | ||||||
|
|
|
|||||||
| 18,039,638 | ||||||||
|
|
|
|||||||
| Arkansas – 0.6% |
||||||||
| Arkansas Development Finance Authority |
2,500 | 2,583,037 | ||||||
| 7.375%, 07/01/2056(c) |
1,000 | 1,033,778 | ||||||
| City of Osceola AR |
1,000 | 971,550 | ||||||
|
|
|
|||||||
| 4,588,365 | ||||||||
|
|
|
|||||||
| California – 9.2% |
||||||||
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign |
1,000 | 1,085,750 | ||||||
| California Community Choice Financing Authority |
1,000 | 1,071,894 | ||||||
| California Community Choice Financing Authority |
3,200 | 3,318,257 | ||||||
| California Community Choice Financing Authority |
750 | 762,157 | ||||||
| Series 2025-A |
1,000 | 1,018,552 | ||||||
| California Community Choice Financing Authority |
1,250 | 1,315,857 | ||||||
3
| Principal Amount (000) |
U.S. $ Value | |||||||
| California Community Choice Financing Authority |
$ | 1,000 | $ | 1,050,535 | ||||
| California Community Choice Financing Authority |
200 | 209,805 | ||||||
| California Community Choice Financing Authority |
1,000 | 993,646 | ||||||
| 5.00%, 04/01/2056 |
3,500 | 3,680,860 | ||||||
| California Community Choice Financing Authority |
500 | 533,808 | ||||||
| Series 2025G |
1,000 | 1,070,030 | ||||||
| California Community Choice Financing Authority |
750 | 788,815 | ||||||
| California Community Choice Financing Authority |
1,500 | 1,603,260 | ||||||
| California Community Housing Agency |
100 | 78,816 | ||||||
| California Health Facilities Financing Authority |
1,000 | 1,033,384 | ||||||
| Series 2025 |
1,000 | 1,100,389 | ||||||
| California Health Facilities Financing Authority |
1,000 | 1,001,268 | ||||||
| California Infrastructure & Economic Development Bank |
2,000 | 1,999,659 | ||||||
| 12.00%, 01/01/2065(c) |
945 | 600,075 | ||||||
| California Municipal Finance Authority |
500 | 519,544 | ||||||
| California Municipal Finance Authority |
996 | 942,258 | ||||||
| California Municipal Finance Authority |
1,210 | 1,313,903 | ||||||
| California Public Finance Authority |
1,000 | 1,045,786 | ||||||
4
| Principal Amount (000) |
U.S. $ Value | |||||||
| California Statewide Communities Development Authority |
$ | 490 | $ | 488,499 | ||||
| Central Valley Energy Authority |
1,105 | 1,150,862 | ||||||
| City of Los Angeles CA Wastewater System Revenue |
1,000 | 1,036,394 | ||||||
| City of Los Angeles Department of Airports |
1,000 | 1,009,906 | ||||||
| Series 2022 |
2,000 | 2,142,540 | ||||||
| Series 2025 |
500 | 522,206 | ||||||
| Series 2026 |
3,000 | 3,175,822 | ||||||
| 5.50%, 05/15/2056(b) |
1,000 | 1,041,603 | ||||||
| CMFA Special Finance Agency VII |
100 | 67,251 | ||||||
| County of Sacramento CA Airport System Revenue |
1,000 | 1,048,630 | ||||||
| Foothill-Eastern Transportation Corridor Agency |
1,000 | 905,931 | ||||||
| Golden State Tobacco Securitization Corp. |
1,200 | 1,085,479 | ||||||
| Series 2021-B |
455 | 42,403 | ||||||
| Series 2022 |
1,460 | 1,418,896 | ||||||
| Los Angeles Department of Water & Power |
1,995 | 2,008,924 | ||||||
| Series 2024-C |
500 | 519,813 | ||||||
| Series 2026-A |
1,750 | 1,815,025 | ||||||
| 5.00%, 07/01/2044 |
2,000 | 2,067,658 | ||||||
| M-S-R Energy
Authority |
1,500 | 1,763,528 | ||||||
| Series 2009-C |
1,000 | 1,175,686 | ||||||
| San Diego County Regional Airport Authority |
1,100 | 1,144,165 | ||||||
| Series 2025 |
1,000 | 1,040,314 | ||||||
5
| Principal Amount (000) |
U.S. $ Value | |||||||
| San Francisco Bay Area Rapid Transit District |
$ | 300 | $ | 300,870 | ||||
| San Francisco Intl Airport |
1,000 | 1,045,540 | ||||||
| San Francisco Intl Airport |
1,000 | 1,010,862 | ||||||
| Series 2023-E |
1,000 | 1,088,894 | ||||||
| 5.50%, 05/01/2037 |
1,545 | 1,700,168 | ||||||
| Series 2024 |
500 | 545,346 | ||||||
| 5.25%, 05/01/2042 |
1,250 | 1,323,453 | ||||||
| Series 2025-D |
2,000 | 2,085,133 | ||||||
| Series 2026-A |
1,500 | 1,586,885 | ||||||
| San Joaquin Valley Clean Energy Authority |
1,000 | 1,078,543 | ||||||
| Southern California Public Power Authority |
1,000 | 1,090,284 | ||||||
| 5.00%, 07/01/2040 |
1,000 | 1,043,962 | ||||||
| State of California |
200 | 211,070 | ||||||
| Series 2026 |
1,000 | 1,074,736 | ||||||
| Tobacco Securitization Authority of Southern California |
1,000 | 132,754 | ||||||
| University of California |
980 | 1,080,259 | ||||||
| Series 2024-B |
1,040 | 1,130,621 | ||||||
|
|
|
|||||||
| 72,339,223 | ||||||||
|
|
|
|||||||
| Colorado – 2.0% |
||||||||
| City & County of Denver CO Airport System Revenue |
1,000 | 1,007,546 | ||||||
| Series 2022-D |
1,000 | 1,070,543 | ||||||
| 5.75%, 11/15/2045 |
1,315 | 1,402,787 | ||||||
| City & County of Denver CO Airport System Revenue |
305 | 315,718 | ||||||
| 5.00%, 12/01/2034 |
400 | 434,841 | ||||||
6
| Principal Amount (000) |
U.S. $ Value | |||||||
| Colorado Health Facilities Authority |
$ | 1,390 | $ | 1,531,641 | ||||
| Colorado Health Facilities Authority |
250 | 231,297 | ||||||
| Colorado Health Facilities Authority |
2,000 | 2,155,520 | ||||||
| Colorado Health Facilities Authority |
1,380 | 1,412,690 | ||||||
| Regional Transportation District |
1,500 | 1,617,149 | ||||||
| State of Colorado |
1,500 | 1,665,703 | ||||||
| Town of Vail CO |
3,000 | 3,136,033 | ||||||
|
|
|
|||||||
| 15,981,468 | ||||||||
|
|
|
|||||||
| Connecticut – 1.4% |
||||||||
| Aquarion Water Authority |
1,000 | 1,091,931 | ||||||
| 5.25%, 08/01/2037 |
1,000 | 1,120,130 | ||||||
| Connecticut State Health & Educational Facilities Authority |
1,250 | 1,284,908 | ||||||
| Connecticut State Health & Educational Facilities Authority |
1,000 | 984,329 | ||||||
| 4.00%, 07/01/2037 |
1,000 | 972,425 | ||||||
| 4.00%, 07/01/2039 |
1,000 | 945,085 | ||||||
| 4.00%, 07/01/2041 |
2,000 | 1,833,323 | ||||||
| Stamford Housing Authority |
300 | 313,984 | ||||||
| State of Connecticut |
2,000 | 2,064,581 | ||||||
|
|
|
|||||||
| 10,610,696 | ||||||||
|
|
|
|||||||
| District of Columbia – 2.1% |
||||||||
| District of Columbia |
1,000 | 1,023,989 | ||||||
7
| Principal Amount (000) |
U.S. $ Value | |||||||
| District of Columbia |
$ | 200 | $ | 201,317 | ||||
| District of Columbia |
1,000 | 1,039,598 | ||||||
| 5.50%, 02/28/2034 |
1,000 | 1,085,262 | ||||||
| 5.50%, 08/31/2034 |
1,000 | 1,089,685 | ||||||
| District of Columbia Income Tax Revenue |
1,000 | 1,049,964 | ||||||
| Metropolitan Washington Airports Authority Aviation Revenue |
1,000 | 1,050,847 | ||||||
| 5.00%, 10/01/2033 |
250 | 263,491 | ||||||
| Series 2022-A |
345 | 369,608 | ||||||
| Series 2023-A |
1,000 | 1,061,158 | ||||||
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue |
1,000 | 1,042,362 | ||||||
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue |
1,275 | 1,279,083 | ||||||
| Washington Convention & Sports Authority |
1,200 | 1,202,214 | ||||||
| Washington Metropolitan Area Transit Authority |
400 | 406,838 | ||||||
| Series 2023 |
2,235 | 2,276,686 | ||||||
| Series 2024 |
1,750 | 1,780,749 | ||||||
|
|
|
|||||||
| 16,222,851 | ||||||||
|
|
|
|||||||
| Florida – 5.4% |
||||||||
| Brevard County Health Facilities Authority |
1,350 | 1,377,198 | ||||||
| Capital Projects Finance Authority/FL |
150 | 151,136 | ||||||
| Capital Projects Finance Authority/FL |
1,000 | 784,894 | ||||||
| 5.25%, 06/01/2044(c) |
500 | 430,834 | ||||||
| Capital Trust Authority |
2,000 | 1,987,320 | ||||||
8
| Principal Amount (000) |
U.S. $ Value | |||||||
| Capital Trust Authority |
$ | 1,150 | $ | 1,036,272 | ||||
| Capital Trust Authority |
1,000 | 975,166 | ||||||
| Central Florida Tourism Oversight District |
1,000 | 1,034,384 | ||||||
| City of South Miami Health Facilities Authority, Inc. |
1,000 | 1,057,132 | ||||||
| City of Tampa FL |
375 | 357,356 | ||||||
| City of Venice FL |
100 | 97,680 | ||||||
| Collier County Industrial Development Authority |
1,000 | 1,090,926 | ||||||
| County of Broward FL Port Facilities Revenue |
1,000 | 913,067 | ||||||
| 5.00%, 09/01/2032 |
1,500 | 1,555,954 | ||||||
| County of Lee FL Airport Revenue |
1,000 | 1,032,500 | ||||||
| Series 2026-A |
1,590 | 1,684,618 | ||||||
| 5.25%, 10/01/2037 |
1,000 | 1,092,145 | ||||||
| County of Miami-Dade FL |
1,000 | 1,026,465 | ||||||
| County of Miami-Dade FL Aviation Revenue |
1,000 | 1,081,146 | ||||||
| 5.00%, 10/01/2034 |
1,005 | 1,083,073 | ||||||
| 5.00%, 10/01/2035 |
1,000 | 1,071,901 | ||||||
| Series 2026-A |
1,000 | 1,053,645 | ||||||
| County of Miami-Dade FL Water & Sewer System Revenue |
2,000 | 2,021,398 | ||||||
| County of Miami-Dade Seaport Department |
1,035 | 1,094,110 | ||||||
| County of Palm Beach FL Airport System Revenue |
300 | 315,306 | ||||||
9
| Principal Amount (000) |
U.S. $ Value | |||||||
| Florida Development Finance Corp. |
$ | 350 | $ | 343,951 | ||||
| Florida Development Finance Corp. |
250 | 249,591 | ||||||
| Florida Development Finance Corp. |
1,000 | 977,868 | ||||||
| Florida Higher Educational Facilities Financing Authority |
155 | 156,868 | ||||||
| Florida Housing Finance Corp. |
1,300 | 1,285,336 | ||||||
| Florida Local Government Finance Commission |
1,000 | 1,002,971 | ||||||
| Greater Orlando Aviation Authority |
500 | 543,544 | ||||||
| 5.00%, 10/01/2036 |
1,000 | 1,070,159 | ||||||
| 5.25%, 10/01/2040 |
1,095 | 1,155,696 | ||||||
| Greater Orlando Aviation Authority |
1,000 | 1,058,590 | ||||||
| Hillsborough County Aviation Authority |
300 | 312,611 | ||||||
| Jacksonville Housing Finance Authority |
1,000 | 1,000,408 | ||||||
| Miami-Dade County Industrial Development Authority |
1,000 | 958,244 | ||||||
| Orange County Convention Center/Orlando |
1,500 | 1,592,209 | ||||||
| Orange County Convention Center/Orlando |
1,750 | 1,753,385 | ||||||
| Orange County Health Facilities Authority |
500 | 512,036 | ||||||
| Palm Beach County Educational Facilities Authority |
255 | 246,576 | ||||||
10
| Principal Amount (000) |
U.S. $ Value | |||||||
| Palm Beach County Health Facilities Authority |
$ | 700 | $ | 725,651 | ||||
| 5.00%, 11/01/2052 |
1,000 | 942,902 | ||||||
| Series 2025 |
1,000 | 986,840 | ||||||
| Village Community Development District No. 15 |
245 | 234,399 | ||||||
|
|
|
|||||||
| 42,515,461 | ||||||||
|
|
|
|||||||
| Georgia – 3.9% |
||||||||
| Assembly Community Improvement District |
1,250 | 1,355,835 | ||||||
| Bulloch County Public Facilities Authority |
1,200 | 1,207,993 | ||||||
| City of Atlanta GA Airport Passenger Facility Charge |
1,495 | 1,566,341 | ||||||
| City of Atlanta GA Department of Aviation |
1,310 | 1,340,072 | ||||||
| Series 2025-B |
1,000 | 1,082,559 | ||||||
| 5.00%, 07/01/2038 |
1,365 | 1,446,045 | ||||||
| Series 2026-B |
2,675 | 2,739,496 | ||||||
| 5.50%, 07/01/2056 |
3,350 | 3,481,835 | ||||||
| Fayette County Development Authority |
1,100 | 1,116,824 | ||||||
| 5.00%, 10/01/2043 |
1,140 | 1,154,590 | ||||||
| 5.25%, 10/01/2049 |
1,000 | 1,014,508 | ||||||
| 5.25%, 10/01/2054 |
1,050 | 1,055,544 | ||||||
| Main Street Natural Gas, Inc. |
1,555 | 1,607,584 | ||||||
| Main Street Natural Gas, Inc. |
1,000 | 999,948 | ||||||
| Main Street Natural Gas, Inc. |
2,000 | 2,122,859 | ||||||
| Main Street Natural Gas, Inc. |
1,000 | 1,050,393 | ||||||
| Municipal Electric Authority of Georgia |
2,000 | 1,982,426 | ||||||
11
| Principal Amount (000) |
U.S. $ Value | |||||||
| Municipal Electric Authority of Georgia |
$ | 700 | $ | 688,007 | ||||
| Private Colleges & Universities Authority |
2,000 | 2,220,615 | ||||||
| Savannah Economic Development Authority |
1,000 | 976,046 | ||||||
| Savannah Hospital Authority |
500 | 466,711 | ||||||
|
|
|
|||||||
| 30,676,231 | ||||||||
|
|
|
|||||||
| Guam – 0.3% |
||||||||
| Antonio B Won Pat International Airport Authority |
385 | 396,840 | ||||||
| Guam Government Waterworks Authority |
270 | 280,110 | ||||||
| Guam Power Authority |
1,000 | 1,011,449 | ||||||
| Territory of Guam |
1,000 | 918,890 | ||||||
|
|
|
|||||||
| 2,607,289 | ||||||||
|
|
|
|||||||
| Hawaii – 0.9% |
||||||||
| City & County Honolulu HI Wastewater System Revenue |
250 | 163,957 | ||||||
| State of Hawaii Airports System Revenue |
2,070 | 2,113,242 | ||||||
| Series 2022-A |
1,000 | 1,009,685 | ||||||
| Series 2025-A |
2,500 | 2,592,072 | ||||||
| Series 2025-C |
1,000 | 1,040,355 | ||||||
|
|
|
|||||||
| 6,919,311 | ||||||||
|
|
|
|||||||
| Illinois – 6.1% |
||||||||
| Chicago Board of Education |
1,000 | 1,015,874 | ||||||
| Series 2021-A |
120 | 118,769 | ||||||
| Series 2023-A |
100 | 100,640 | ||||||
| 6.00%, 12/01/2049 |
1,300 | 1,316,771 | ||||||
| Series 2025 |
1,000 | 968,513 | ||||||
12
| Principal Amount (000) |
U.S. $ Value | |||||||
| 6.25%, 12/01/2050 |
$ | 1,230 | $ | 1,249,947 | ||||
| Series 2025-B |
1,000 | 1,019,731 | ||||||
| Series 2025-C |
1,500 | 1,456,463 | ||||||
| Chicago Midway International Airport |
1,000 | 1,074,614 | ||||||
| 5.00%, 01/01/2034 |
1,000 | 1,079,075 | ||||||
| Chicago O’Hare International Airport |
500 | 532,135 | ||||||
| Series 2024-B |
1,000 | 1,022,228 | ||||||
| Series 2024-C |
1,000 | 1,079,075 | ||||||
| 5.25%, 01/01/2042 |
1,750 | 1,820,540 | ||||||
| Series 2024-E |
1,080 | 1,147,362 | ||||||
| Series 2025-A |
2,005 | 2,134,384 | ||||||
| Chicago Transit Authority Capital Grant Receipts Revenue |
1,600 | 1,676,626 | ||||||
| Chicago Transit Authority Sales Tax Receipts Fund |
3,535 | 3,564,684 | ||||||
| Series 2026-A |
1,000 | 1,040,148 | ||||||
| City of Chicago IL |
1,000 | 1,030,376 | ||||||
| Series 2025-B |
1,000 | 1,020,341 | ||||||
| Illinois Finance Authority |
1,000 | 960,818 | ||||||
| Illinois Finance Authority |
100 | 97,737 | ||||||
| 4.125%, 12/01/2050(c) |
1,000 | 977,367 | ||||||
| Series 2025 |
1,000 | 1,017,636 | ||||||
| Illinois State Toll Highway Authority |
2,245 | 2,268,158 | ||||||
| Metropolitan Pier & Exposition Authority |
150 | 106,052 | ||||||
| Series 2017 |
100 | 75,089 | ||||||
| Series 2020 |
1,000 | 990,199 | ||||||
| Series 2022 |
1,375 | 1,263,672 | ||||||
13
| Principal Amount (000) |
U.S. $ Value | |||||||
| Metropolitan Water Reclamation District of Greater Chicago |
$ | 1,375 | $ | 1,440,621 | ||||
| Sales Tax Securitization Corp. |
1,000 | 1,036,789 | ||||||
| State of Illinois |
1,085 | 1,134,654 | ||||||
| Series 2020-B |
100 | 100,418 | ||||||
| 4.00%, 10/01/2035 |
1,000 | 993,058 | ||||||
| Series 2021-A |
200 | 201,094 | ||||||
| Series 2023-B |
1,000 | 1,033,678 | ||||||
| Series 2023-D |
2,000 | 1,933,084 | ||||||
| Series 2024 |
1,000 | 1,048,017 | ||||||
| State of Illinois Sales Tax Revenue |
1,000 | 1,063,748 | ||||||
| 5.00%, 06/15/2041 |
1,000 | 1,034,868 | ||||||
| Series 2025-B |
1,000 | 1,052,817 | ||||||
| 5.00%, 06/15/2040 |
1,000 | 1,043,055 | ||||||
| Upper Illinois River Valley Development Authority |
1,000 | 965,697 | ||||||
|
|
|
|||||||
| 47,306,622 | ||||||||
|
|
|
|||||||
| Indiana – 1.5% |
||||||||
| City of Valparaiso IN |
100 | 100,333 | ||||||
| City of Whiting IN |
1,685 | 1,684,186 | ||||||
| Hancock County Redevelopment Authority |
1,150 | 1,254,142 | ||||||
| Indiana Finance Authority |
1,000 | 1,036,663 | ||||||
| Indiana Finance Authority |
1,265 | 1,271,115 | ||||||
| Indiana Finance Authority |
1,000 | 888,490 | ||||||
14
| Principal Amount (000) |
U.S. $ Value | |||||||
| Indiana Municipal Power Agency |
$ | 2,000 | $ | 2,117,468 | ||||
| Indianapolis Local Public Improvement Bond Bank |
1,000 | 1,062,662 | ||||||
| Indianapolis Local Public Improvement Bond Bank |
150 | 153,255 | ||||||
| BAM Series 2023 |
1,600 | 1,627,852 | ||||||
| Series 2023-F |
100 | 107,620 | ||||||
|
|
|
|||||||
| 11,303,786 | ||||||||
|
|
|
|||||||
| Iowa – 0.2% |
||||||||
| Iowa Tobacco Settlement Authority |
1,120 | 158,506 | ||||||
| PEFA, Inc. |
1,000 | 1,045,619 | ||||||
|
|
|
|||||||
| 1,204,125 | ||||||||
|
|
|
|||||||
| Kansas – 0.2% |
||||||||
| City of Olathe KS |
1,250 | 1,279,501 | ||||||
|
|
|
|||||||
| Kentucky – 2.0% |
||||||||
| Kenton County Airport Board |
1,885 | 2,036,707 | ||||||
| 5.00%, 01/01/2035 |
1,095 | 1,180,434 | ||||||
| 5.25%, 01/01/2044 |
350 | 361,576 | ||||||
| Kentucky Public Energy Authority |
1,155 | 1,205,852 | ||||||
| Series 2025-C |
3,500 | 3,627,488 | ||||||
| Kentucky Public Energy Authority |
500 | 516,224 | ||||||
| Kentucky Public Energy Authority |
200 | 209,082 | ||||||
| Series 2025-A |
1,000 | 1,050,660 | ||||||
| Kentucky State Property & Building Commission |
1,000 | 1,043,672 | ||||||
15
| Principal Amount (000) |
U.S. $ Value | |||||||
| Kentucky State Property & Building Commission |
$ | 2,000 | $ | 2,007,617 | ||||
| Louisville/Jefferson County Metropolitan Government |
2,500 | 2,715,528 | ||||||
|
|
|
|||||||
| 15,954,840 | ||||||||
|
|
|
|||||||
| Louisiana – 0.8% |
||||||||
| City of New Orleans LA |
1,000 | 1,009,499 | ||||||
| Louisiana Public Facilities Authority |
100 | 100,975 | ||||||
| Louisiana Stadium & Exposition District |
2,000 | 2,114,140 | ||||||
| New Orleans Aviation Board |
1,000 | 1,046,811 | ||||||
| 5.25%, 01/01/2045 |
1,000 | 1,017,977 | ||||||
| Parish of St. John the Baptist LA |
500 | 501,220 | ||||||
| State of Louisiana Gasoline & Fuels Tax Revenue |
200 | 213,658 | ||||||
|
|
|
|||||||
| 6,004,280 | ||||||||
|
|
|
|||||||
| Maine – 0.3% |
||||||||
| Finance Authority of Maine |
1,000 | 1,017,169 | ||||||
| Maine Governmental Facilities Authority |
1,460 | 1,550,551 | ||||||
|
|
|
|||||||
| 2,567,720 | ||||||||
|
|
|
|||||||
| Maryland – 1.4% |
||||||||
| Maryland Economic Development Corp. |
1,070 | 1,072,328 | ||||||
| 5.25%, 06/30/2052 |
1,085 | 1,066,853 | ||||||
| 5.25%, 06/30/2055 |
4,500 | 4,401,849 | ||||||
| Maryland Health & Higher Educational Facilities Authority |
1,000 | 1,106,218 | ||||||
| Maryland Stadium Authority |
445 | 455,697 | ||||||
16
| Principal Amount (000) |
U.S. $ Value | |||||||
| State of Maryland |
$ | 1,000 | $ | 1,022,435 | ||||
| State of Maryland Department of Transportation |
1,000 | 1,006,483 | ||||||
| State of Maryland Department of Transportation |
1,000 | 1,048,968 | ||||||
|
|
|
|||||||
| 11,180,831 | ||||||||
|
|
|
|||||||
| Massachusetts – 4.2% |
||||||||
| City of Quincy MA |
1,000 | 1,027,442 | ||||||
| Series 2026 |
3,500 | 3,573,201 | ||||||
| City of Revere MA |
1,500 | 1,519,941 | ||||||
| Commonwealth of Massachusetts |
1,000 | 1,052,606 | ||||||
| 5.00%, 04/01/2045 |
2,500 | 2,618,107 | ||||||
| 5.00%, 04/01/2055 |
1,500 | 1,524,912 | ||||||
| Series 2025-F |
1,000 | 1,028,189 | ||||||
| Series 2026 |
1,100 | 1,193,358 | ||||||
| Massachusetts Bay Transportation Authority Sales Tax Revenue |
1,000 | 1,043,455 | ||||||
| Series 2025-B |
2,000 | 2,073,900 | ||||||
| Series 2026-A |
1,000 | 1,061,175 | ||||||
| Massachusetts Development Finance Agency |
500 | 490,787 | ||||||
| Massachusetts Development Finance Agency |
1,000 | 1,032,588 | ||||||
| 5.50%, 12/01/2051 |
1,000 | 1,050,426 | ||||||
| 5.50%, 12/01/2056 |
1,000 | 1,038,474 | ||||||
| Massachusetts Development Finance Agency |
1,000 | 1,000,052 | ||||||
| Series 2017-A |
500 | 500,019 | ||||||
| Series 2025 |
460 | 466,910 | ||||||
17
| Principal Amount (000) |
U.S. $ Value | |||||||
| Massachusetts Development Finance Agency |
$ | 1,000 | $ | 1,037,853 | ||||
| Massachusetts Development Finance Agency |
1,000 | 1,004,533 | ||||||
| Massachusetts Development Finance Agency |
1,000 | 1,003,299 | ||||||
| Massachusetts Port Authority |
1,500 | 1,567,300 | ||||||
| Series 2021-E |
975 | 1,013,192 | ||||||
| 5.00%, 07/01/2046 |
1,500 | 1,517,139 | ||||||
| University of Massachusetts Building Authority |
2,000 | 2,030,021 | ||||||
|
|
|
|||||||
| 32,468,879 | ||||||||
|
|
|
|||||||
| Michigan – 1.3% |
||||||||
| City of Detroit MI |
1,250 | 1,237,496 | ||||||
| Series 2023-C |
1,000 | 1,081,101 | ||||||
| Great Lakes Water Authority Sewage Disposal System Revenue |
1,140 | 1,182,696 | ||||||
| Great Lakes Water Authority Water Supply System Revenue |
1,000 | 1,061,519 | ||||||
| Ingham Intermediate School District |
1,000 | 1,053,549 | ||||||
| Michigan State Hospital Finance Authority |
2,500 | 2,557,223 | ||||||
| Michigan State Housing Development Authority |
1,000 | 1,011,727 | ||||||
| Michigan Strategic Fund |
1,000 | 899,629 | ||||||
|
|
|
|||||||
| 10,084,940 | ||||||||
|
|
|
|||||||
| Minnesota – 0.6% |
||||||||
| City of Center City MN |
160 | 164,138 | ||||||
18
| Principal Amount (000) |
U.S. $ Value | |||||||
| City of St. Cloud MN |
$ | 1,000 | $ | 1,094,146 | ||||
| 5.00%, 05/01/2042 |
500 | 518,679 | ||||||
| City of Woodbury MN |
500 | 455,329 | ||||||
| Minneapolis-St. Paul Metropolitan Airports Commission |
1,000 | 1,073,477 | ||||||
| Minnesota Municipal Gas Agency |
1,000 | 1,026,665 | ||||||
|
|
|
|||||||
| 4,332,434 | ||||||||
|
|
|
|||||||
| Mississippi – 0.2% |
||||||||
| City of Gulfport MS |
715 | 764,072 | ||||||
| 5.50%, 07/01/2050 |
900 | 909,916 | ||||||
|
|
|
|||||||
| 1,673,988 | ||||||||
|
|
|
|||||||
| Missouri – 0.5% |
||||||||
| Health & Educational Facilities Authority of the State of Missouri |
1,000 | 1,079,682 | ||||||
| Series 2026-A |
1,000 | 1,102,423 | ||||||
| Health & Educational Facilities Authority of the State of Missouri |
1,530 | 1,636,084 | ||||||
|
|
|
|||||||
| 3,818,189 | ||||||||
|
|
|
|||||||
| Nebraska – 1.0% |
||||||||
| Central Plains Energy Project |
1,000 | 1,036,728 | ||||||
| Central Plains Energy Project |
1,000 | 1,000,897 | ||||||
| Central Plains Energy Project |
1,000 | 1,054,578 | ||||||
| City of Lincoln NE Electric System Revenue |
2,000 | 2,110,444 | ||||||
| County of Sarpy NE |
2,000 | 1,870,107 | ||||||
19
| Principal Amount (000) |
U.S. $ Value | |||||||
| Nebraska Public Power District |
$ | 1,000 | $ | 1,031,464 | ||||
|
|
|
|||||||
| 8,104,218 | ||||||||
|
|
|
|||||||
| Nevada – 0.1% |
||||||||
| Reno-Tahoe Airport Authority |
300 | 309,889 | ||||||
| State of Nevada Department of Business & Industry |
370 | 234,950 | ||||||
| Tahoe-Douglas Visitors Authority |
235 | 242,416 | ||||||
|
|
|
|||||||
| 787,255 | ||||||||
|
|
|
|||||||
| New Hampshire – 1.8% |
||||||||
| National Finance Authority Affordable Housing Certificates Series 2024-1 |
995 | 941,770 | ||||||
| New Hampshire Business Finance Authority |
996 | 1,017,203 | ||||||
| New Hampshire Business Finance Authority |
1,000 | 987,191 | ||||||
| New Hampshire Business Finance Authority |
828 | 824,904 | ||||||
| New Hampshire Business Finance Authority |
100 | 99,970 | ||||||
| New Hampshire Business Finance Authority |
1,245 | 120,066 | ||||||
| 5.00%, 12/15/2050 |
1,000 | 972,041 | ||||||
| New Hampshire Business Finance Authority |
935 | 540,966 | ||||||
| New Hampshire Business Finance Authority |
875 | 876,752 | ||||||
| New Hampshire Business Finance Authority |
98 | 91,713 | ||||||
| New Hampshire Business Finance Authority |
989 | 930,738 | ||||||
20
| Principal Amount (000) |
U.S. $ Value | |||||||
| New Hampshire Business Finance Authority |
$ | 998 | $ | 934,138 | ||||
| Series 2026-1, Class A2 4.25%, 07/20/2041 |
998 | 903,676 | ||||||
| New Hampshire Business Finance Authority |
998 | 979,978 | ||||||
| New Hampshire Business Finance Authority |
1,000 | 1,006,264 | ||||||
| New Hampshire Business Finance Authority |
1,000 | 1,033,732 | ||||||
| New Hampshire Business Finance Authority |
1,000 | 987,226 | ||||||
| New Hampshire Business Finance Authority |
960 | 893,203 | ||||||
|
|
|
|||||||
| 14,141,531 | ||||||||
|
|
|
|||||||
| New Jersey – 2.0% |
||||||||
| New Jersey Economic Development Authority |
1,000 | 1,050,372 | ||||||
| New Jersey Educational Facilities Authority |
1,500 | 1,476,683 | ||||||
| New Jersey Transportation Trust Fund Authority |
100 | 76,947 | ||||||
| New Jersey Transportation Trust Fund Authority |
1,000 | 1,036,516 | ||||||
| New Jersey Transportation Trust Fund Authority |
1,390 | 1,330,074 | ||||||
| Series 2022-A |
1,085 | 1,040,270 | ||||||
| 4.00%, 06/15/2040 |
1,000 | 948,739 | ||||||
| Series 2023-A |
1,000 | 945,258 | ||||||
| Series 2023-B |
1,950 | 2,006,139 | ||||||
| Series 2024-A |
1,200 | 1,112,313 | ||||||
| New Jersey Turnpike Authority |
3,375 | 3,510,601 | ||||||
21
| Principal Amount (000) |
U.S. $ Value | |||||||
| Tobacco Settlement Financing Corp./NJ |
$ | 1,310 | $ | 1,265,087 | ||||
|
|
|
|||||||
| 15,798,999 | ||||||||
|
|
|
|||||||
| New York – 9.3% |
||||||||
| Build NYC Resource Corp. |
555 | 595,024 | ||||||
| City of New York NY |
1,035 | 1,078,885 | ||||||
| Series 2024-C |
995 | 1,005,323 | ||||||
| Series 2025-A |
1,000 | 1,106,731 | ||||||
| 5.00%, 08/01/2046 |
1,000 | 1,023,322 | ||||||
| Series 2025-E |
1,000 | 1,041,584 | ||||||
| Series 2026 |
1,320 | 1,460,693 | ||||||
| 5.00%, 08/01/2035 |
1,535 | 1,698,832 | ||||||
| Empire State Development Corp. |
1,000 | 1,027,653 | ||||||
| Empire State Development Corp. |
1,000 | 983,064 | ||||||
| Long Island Power Authority |
1,000 | 1,021,791 | ||||||
| Series 2026-B |
1,000 | 1,028,370 | ||||||
| Metropolitan Transportation Authority |
425 | 325,217 | ||||||
| Series 2017-C |
2,000 | 2,009,834 | ||||||
| Series 2020-C |
400 | 397,855 | ||||||
| Series 2024-A |
1,060 | 1,084,973 | ||||||
| Series 2024-B |
330 | 348,682 | ||||||
| 5.00%, 11/15/2040 |
1,000 | 1,045,500 | ||||||
| Series 2025 |
1,895 | 1,987,610 | ||||||
| New York City Municipal Water Finance Authority |
1,000 | 913,932 | ||||||
| Series 2024 5.00%, 06/15/2048 |
1,185 | 1,212,875 | ||||||
| New York City Transitional Finance Authority Building Aid Revenue |
125 | 129,733 | ||||||
22
| Principal Amount (000) |
U.S. $ Value | |||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue |
$ | 135 | $ | 139,414 | ||||
| Series 2023-A |
1,440 | 1,536,892 | ||||||
| Series 2023-F |
1,620 | 1,713,994 | ||||||
| Series 2024 |
2,000 | 2,214,698 | ||||||
| 5.00%, 11/01/2037 |
1,550 | 1,668,945 | ||||||
| Series 2025 5.00%, |
1,000 | 1,022,363 | ||||||
| Series 2025-A |
2,500 | 2,602,355 | ||||||
| Series 2025-B |
3,475 | 3,558,916 | ||||||
| Series 2025-H |
1,000 | 1,051,488 | ||||||
| Series 2026 |
1,000 | 1,048,883 | ||||||
| 5.00%, 11/01/2046 |
1,525 | 1,564,366 | ||||||
| New York Liberty Development Corp. |
1,000 | 1,130,865 | ||||||
| New York State Dormitory Authority |
2,225 | 2,382,258 | ||||||
| Series 2025-A |
1,325 | 1,332,500 | ||||||
| New York State Thruway Authority |
1,000 | 1,018,302 | ||||||
| New York Transportation Development Corp. |
1,000 | 1,018,353 | ||||||
| Series 2023 |
500 | 526,538 | ||||||
| New York Transportation Development Corp. |
1,000 | 1,018,135 | ||||||
| New York Transportation Development Corp. |
500 | 503,025 | ||||||
| 5.50%, 12/31/2060 |
2,250 | 2,253,871 | ||||||
| New York Transportation Development Corp. |
1,995 | 2,047,033 | ||||||
| Series 2024 |
1,000 | 1,006,839 | ||||||
| Series 2025 |
3,000 | 3,136,278 | ||||||
| New York Transportation Development Corp. |
250 | 246,039 | ||||||
| 5.25%, 01/01/2050 |
100 | 99,325 | ||||||
23
| Principal Amount (000) |
U.S. $ Value | |||||||
| Series 2026 5.00%, 07/01/2036(c) |
$ | 1,000 | $ | 1,049,024 | ||||
| Onondaga Civic Development Corp. |
1,000 | 1,061,730 | ||||||
| Port Authority of New York & New Jersey |
900 | 879,384 | ||||||
| Series 2022 |
2,000 | 2,022,245 | ||||||
| 5.25%, 08/01/2041 |
855 | 888,633 | ||||||
| 5.25%, 08/01/2047 |
1,285 | 1,323,270 | ||||||
| Suffolk Regional Off-Track Betting Corp. |
100 | 101,639 | ||||||
| Triborough Bridge & Tunnel Authority |
1,500 | 1,539,442 | ||||||
| Triborough Bridge & Tunnel Authority |
1,000 | 1,033,731 | ||||||
| Triborough Bridge & Tunnel Authority |
500 | 515,974 | ||||||
| Triborough Bridge & Tunnel Authority Sales Tax Revenue |
1,065 | 1,067,447 | ||||||
| 5.25%, 05/15/2064 |
1,000 | 1,012,210 | ||||||
| Troy Capital Resource Corp. |
1,000 | 1,061,859 | ||||||
| 5.00%, 09/01/2034 |
1,125 | 1,173,811 | ||||||
|
|
|
|||||||
| 73,099,557 | ||||||||
|
|
|
|||||||
| North Carolina – 1.2% City of Charlotte NC Airport Revenue |
1,300 | 1,376,838 | ||||||
| County of Guilford NC |
1,140 | 1,145,959 | ||||||
| County of Wake NC |
1,000 | 1,120,085 | ||||||
| Greater Asheville Regional Airport Authority |
1,000 | 1,041,261 | ||||||
| Nash Health Care Systems |
1,000 | 1,052,034 | ||||||
24
| Principal Amount (000) |
U.S. $ Value | |||||||
| North Carolina Medical Care Commission |
$ | 1,000 | $ | 991,362 | ||||
| North Carolina Turnpike Authority |
1,195 | 1,196,090 | ||||||
| Raleigh Durham Airport Authority |
1,225 | 1,227,305 | ||||||
|
|
|
|||||||
| 9,150,934 | ||||||||
|
|
|
|||||||
| Ohio – 2.1% |
||||||||
| American Municipal Power, Inc. |
1,000 | 1,068,669 | ||||||
| Buckeye Tobacco Settlement Financing Authority |
3,000 | 2,290,379 | ||||||
| Columbus Regional Airport Authority |
1,000 | 1,036,291 | ||||||
| 5.25%, 01/01/2042 |
1,800 | 1,877,608 | ||||||
| 5.50%, 01/01/2050 |
1,955 | 2,023,267 | ||||||
| County of Cuyahoga OH |
1,000 | 1,054,116 | ||||||
| Jefferson County Port Authority/OH |
100 | 79,553 | ||||||
| JobsOhio Beverage System |
1,160 | 1,298,528 | ||||||
| Lancaster Port Authority |
1,000 | 1,046,134 | ||||||
| Ohio Higher Educational Facility Commission |
1,140 | 1,182,914 | ||||||
| Ohio Higher Educational Facility Commission |
400 | 398,295 | ||||||
| 5.25%, 05/01/2049 |
1,000 | 971,315 | ||||||
| Port of Greater Cincinnati Development Authority |
1,190 | 1,170,635 | ||||||
| State of Ohio |
1,000 | 1,124,347 | ||||||
|
|
|
|||||||
| 16,622,051 | ||||||||
|
|
|
|||||||
25
| Principal Amount (000) |
U.S. $ Value | |||||||
| Oklahoma – 0.5% |
||||||||
| Oklahoma City Public Property Authority |
$ | 1,000 | $ | 1,108,680 | ||||
| Oklahoma Turnpike Authority |
1,000 | 1,044,012 | ||||||
| Tulsa Municipal Airport Trust Trustees/OK |
1,000 | 1,083,280 | ||||||
| University of Oklahoma (The) |
890 | 924,412 | ||||||
|
|
|
|||||||
| 4,160,384 | ||||||||
|
|
|
|||||||
| Oregon – 0.6% |
||||||||
| Port of Portland OR Airport Revenue |
500 | 441,256 | ||||||
| Series 2023 |
1,995 | 2,085,661 | ||||||
| Series 2024-T |
1,000 | 1,049,538 | ||||||
| Washington & Clackamas Counties School District No. 23J Tigard-Tualatin |
1,000 | 1,059,358 | ||||||
|
|
|
|||||||
| 4,635,813 | ||||||||
|
|
|
|||||||
| Other – 0.8% |
||||||||
| 2026 Loan Holding-1 |
1,000 | 996,387 | ||||||
| Federal Home Loan Mortgage Corp. Multifamily ML Certificates |
99 | 99,383 | ||||||
| Federal Home Loan Mortgage Corp. Multifamily VRD Certificates |
997 | 1,007,239 | ||||||
| 4.924%, 06/25/2044 |
1,000 | 1,031,813 | ||||||
| Federal Home Loan Mortgage Corp. Multifamily VRD Certificates |
2,991 | 2,970,405 | ||||||
|
|
|
|||||||
| 6,105,227 | ||||||||
|
|
|
|||||||
| Pennsylvania – 2.0% |
||||||||
| Adams County General Authority |
660 | 677,547 | ||||||
| Allentown Neighborhood Improvement Zone Development Authority |
1,000 | 1,021,563 | ||||||
26
| Principal Amount (000) |
U.S. $ Value | |||||||
| Allentown Neighborhood Improvement Zone Development Authority |
$ | 1,000 | $ | 1,076,159 | ||||
| Bucks County Industrial Development Authority |
100 | 104,651 | ||||||
| City of Philadelphia PA Water & Wastewater Revenue |
1,000 | 1,001,509 | ||||||
| Series 2020-A |
1,000 | 1,028,256 | ||||||
| AG Series 2024-C |
1,000 | 1,044,836 | ||||||
| Commonwealth of Pennsylvania |
200 | 188,910 | ||||||
| County of Lehigh PA |
1,000 | 1,084,571 | ||||||
| Delaware County Authority |
1,000 | 993,540 | ||||||
| Pennsylvania Economic Development Financing Authority |
300 | 317,519 | ||||||
| 6.00%, 06/30/2061 |
1,000 | 1,042,945 | ||||||
| Pennsylvania Economic Development Financing Authority |
250 | 280,046 | ||||||
| Pennsylvania Economic Development Financing Authority |
1,145 | 1,185,761 | ||||||
| Pennsylvania Higher Educational Facilities Authority |
1,250 | 1,288,442 | ||||||
| Pennsylvania Higher Educational Facilities Authority |
1,280 | 1,327,627 | ||||||
| Philadelphia Gas Works Co. |
1,000 | 1,071,762 | ||||||
| Pittsburgh Water & Sewer Authority |
1,000 | 1,019,355 | ||||||
|
|
|
|||||||
| 15,754,999 | ||||||||
|
|
|
|||||||
| Puerto Rico – 0.7% |
||||||||
| Commonwealth of Puerto Rico |
2,100 | 690,375 | ||||||
27
| Principal Amount (000) |
U.S. $ Value | |||||||
| Series 2022-C |
$ | 154 | $ | 109,929 | ||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority |
1,000 | 1,045,990 | ||||||
| Puerto Rico Electric Power Authority |
1,050 | 777,000 | ||||||
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing
Auth |
100 | 112,141 | ||||||
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue |
1,000 | 910,642 | ||||||
| Series 2019-A |
2,000 | 1,937,701 | ||||||
|
|
|
|||||||
| 5,583,778 | ||||||||
|
|
|
|||||||
| South Carolina – 1.2% |
||||||||
| South Carolina Jobs-Economic Development Authority |
395 | 397,575 | ||||||
| South Carolina Jobs-Economic Development Authority |
2,095 | 2,187,703 | ||||||
| South Carolina Jobs-Economic Development Authority |
1,000 | 1,035,110 | ||||||
| South Carolina Jobs-Economic Development Authority |
1,000 | 1,007,901 | ||||||
| South Carolina Public Service Authority |
1,000 | 997,610 | ||||||
| Series 2025-A 5.00%, 12/01/2043 |
1,000 | 1,039,698 | ||||||
| Series 2025-B |
500 | 517,531 | ||||||
| Series 2026-A |
1,000 | 1,105,775 | ||||||
| 5.25%, 12/01/2056 |
1,000 | 1,023,391 | ||||||
|
|
|
|||||||
| 9,312,294 | ||||||||
|
|
|
|||||||
| Tennessee – 0.9% |
||||||||
| Bristol Industrial Development Board |
505 | 497,253 | ||||||
| Series 2016-B |
100 | 75,563 | ||||||
| Metropolitan Government of Nashville & Davidson County TN |
1,500 | 1,427,122 | ||||||
28
| Principal Amount (000) |
U.S. $ Value | |||||||
| Metropolitan Nashville Airport Authority (The) |
$ | 1,290 | $ | 1,364,138 | ||||
| Shelby County Health & Educational Facilities Board |
1,100 | 1,041,694 | ||||||
| Tennessee Energy Acquisition Corp. |
1,385 | 1,451,756 | ||||||
| Tennessee Energy Acquisition Corp. |
1,000 | 1,040,881 | ||||||
|
|
|
|||||||
| 6,898,407 | ||||||||
|
|
|
|||||||
| Texas – 7.8% |
||||||||
| Aledo Independent School District |
1,000 | 1,031,339 | ||||||
| Arlington Higher Education Finance Corp. |
1,000 | 872,039 | ||||||
| Series 2025 |
700 | 721,416 | ||||||
| Board of Regents of the University of Texas System |
1,000 | 1,055,193 | ||||||
| Central Texas Regional Mobility Authority |
1,000 | 1,048,301 | ||||||
| Central Texas Turnpike System |
195 | 207,155 | ||||||
| City of Austin TX (City of Austin TX) |
1,095 | 1,203,629 | ||||||
| Series 2025 |
1,000 | 1,041,434 | ||||||
| City of Austin TX Special Tax Revenue |
1,000 | 1,029,040 | ||||||
| 5.50%, 11/15/2061 |
1,050 | 1,093,916 | ||||||
| City of Dallas TX (City of Dallas TX) |
1,000 | 1,090,606 | ||||||
| City of El Paso TX |
2,505 | 2,649,899 | ||||||
| City of Georgetown TX Utility System Revenue |
1,535 | 1,581,716 | ||||||
29
| Principal Amount (000) |
U.S. $ Value | |||||||
| City of Houston TX Airport System Revenue |
$ | 1,000 | $ | 1,072,842 | ||||
| 5.00%, 07/01/2038 |
500 | 523,969 | ||||||
| City of Houston TX Airport System Revenue |
1,000 | 1,053,781 | ||||||
| 5.50%, 07/15/2036 |
2,500 | 2,659,674 | ||||||
| 5.50%, 07/15/2038 |
1,000 | 1,048,332 | ||||||
| City of Houston TX Hotel Occupancy Tax & Special Revenue |
2,000 | 2,079,310 | ||||||
| City of San Antonio TX Airport System |
1,000 | 989,667 | ||||||
| City of San Antonio TX Electric & Gas Systems Revenue |
1,250 | 1,311,354 | ||||||
| County of Collin TX (County of Collin TX) |
1,380 | 1,456,969 | ||||||
| County of Dallas TX (County of Dallas TX) |
1,815 | 1,898,582 | ||||||
| County of Travis TX (County of Travis TX) |
1,000 | 1,060,041 | ||||||
| Dallas Fort Worth International Airport |
1,000 | 1,081,599 | ||||||
| 5.00%, 11/01/2034 |
2,100 | 2,284,443 | ||||||
| 5.25%, 11/01/2039 |
1,000 | 1,056,094 | ||||||
| Grand Parkway Transportation Corp. |
2,500 | 2,251,749 | ||||||
| Harris County Cultural Education Facilities Finance Corp. |
1,000 | 1,087,978 | ||||||
| Harris County Cultural Education Facilities Finance Corp. |
1,000 | 1,024,710 | ||||||
| Hidalgo County Regional Mobility Authority |
300 | 303,741 | ||||||
| Lewisville Independent School District |
1,000 | 1,070,231 | ||||||
30
| Principal Amount (000) |
U.S. $ Value | |||||||
| Lower Colorado River Authority |
$ | 1,000 | $ | 1,068,018 | ||||
| Series 2024 5.00%, 05/15/2040 |
1,000 | 1,046,871 | ||||||
| Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue |
2,120 | 2,128,331 | ||||||
| Midlothian Independent School District |
2,000 | 2,158,862 | ||||||
| Mission Economic Development Corp. |
1,000 | 1,005,740 | ||||||
| Mission Economic Development Corp. |
925 | 926,269 | ||||||
| New Hope Cultural Education Facilities Finance Corp. |
1,000 | 1,041,443 | ||||||
| North East Texas Regional Mobility Authority |
1,000 | 1,030,800 | ||||||
| North Texas Tollway Authority |
1,000 | 801,964 | ||||||
| Zero Coupon, 01/01/2035 |
1,000 | 733,231 | ||||||
| Zero Coupon, 01/01/2037 |
1,600 | 1,061,017 | ||||||
| AG Series 2008D Zero Coupon, 01/01/2034 |
1,000 | 769,082 | ||||||
| Port of Beaumont Industrial Development Authority |
1,100 | 1,015,657 | ||||||
| Sherman Independent School District/TX |
1,475 | 1,543,010 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. II |
410 | 410,878 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. IV |
200 | 213,209 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. V |
1,000 | 1,037,044 | ||||||
| Texas Municipal Gas Acquisition & Supply Corp. VI |
1,000 | 1,038,863 | ||||||
| Series 2026-A 5.25%, 03/01/2037 |
1,000 | 1,058,490 | ||||||
31
| Principal Amount (000) |
U.S. $ Value | |||||||
| Texas Private Activity Bond Surface Transportation Corp. |
$ | 100 | $ | 97,013 | ||||
| Texas State University System |
1,000 | 1,086,449 | ||||||
|
|
|
|||||||
| 61,212,990 | ||||||||
|
|
|
|||||||
| Utah – 0.7% City of Salt Lake City UT Airport Revenue |
2,000 | 2,060,101 | ||||||
| Deseret Public Infrastructure District No. 2 |
1,000 | 1,004,629 | ||||||
| Utah City West Public Infrastructure District No. 1 |
1,000 | 1,004,327 | ||||||
| Utah Infrastructure Agency |
1,000 | 889,449 | ||||||
| Series 2024 5.50%, 10/15/2044 |
500 | 513,319 | ||||||
| Wolf Creek Infrastructure Financing District No. 1 |
199 | 203,695 | ||||||
|
|
|
|||||||
| 5,675,520 | ||||||||
|
|
|
|||||||
| Virginia – 0.7% |
||||||||
| Fairfax County Industrial Development Authority |
1,000 | 933,079 | ||||||
| Henrico County Economic Development Authority |
1,000 | 1,008,016 | ||||||
| Virginia Beach Development Authority |
100 | 108,217 | ||||||
| Virginia Small Business Financing Authority |
1,000 | 915,664 | ||||||
| 5.00%, 07/01/2038 |
1,500 | 1,537,685 | ||||||
| Virginia Small Business Financing Authority |
1,000 | 966,211 | ||||||
|
|
|
|||||||
| 5,468,872 | ||||||||
|
|
|
|||||||
| Washington – 3.2% |
||||||||
| City of Bellevue WA |
1,000 | 1,050,229 | ||||||
32
| Principal Amount (000) |
U.S. $ Value | |||||||
| City of Federal Way WA |
$ | 1,000 | $ | 1,020,982 | ||||
| King & Snohomish Counties School District No. 417 Northshore |
100 | 106,456 | ||||||
| Port of Seattle WA |
1,000 | 1,007,562 | ||||||
| Series 2024 |
1,000 | 1,014,583 | ||||||
| Series 2025-B |
1,000 | 1,049,947 | ||||||
| 5.00%, 10/01/2039 |
1,555 | 1,630,894 | ||||||
| Series 2026 |
1,800 | 1,883,870 | ||||||
| State of Washington |
2,655 | 2,713,319 | ||||||
| Series 2023-2 |
1,500 | 1,619,448 | ||||||
| Series 2024-R |
1,160 | 1,183,958 | ||||||
| 5.00%, 08/01/2027 |
1,000 | 1,022,710 | ||||||
| 5.00%, 08/01/2038 |
130 | 140,414 | ||||||
| Series 2026-C |
1,000 | 1,101,946 | ||||||
| Series 2026-R |
1,425 | 1,587,234 | ||||||
| State of Washington |
1,000 | 1,016,234 | ||||||
| Vancouver Housing Authority |
2,000 | 1,970,191 | ||||||
| Washington Health Care Facilities Authority |
1,000 | 1,016,812 | ||||||
| Series 2025 |
1,000 | 919,857 | ||||||
| Washington State Housing Finance Commission |
1,000 | 997,219 | ||||||
| Washington State Housing Finance Commission |
295 | 278,983 | ||||||
| Washington State Housing Finance Commission |
990 | 922,640 | ||||||
|
|
|
|||||||
| 25,255,488 | ||||||||
|
|
|
|||||||
33
| Principal Amount (000) |
U.S. $ Value | |||||||
| West Virginia – 0.4% |
||||||||
| West Virginia Hospital Finance Authority |
$ | 1,000 | $ | 1,032,662 | ||||
| Series 2025 |
1,730 | 1,802,596 | ||||||
|
|
|
|||||||
| 2,835,258 | ||||||||
|
|
|
|||||||
| Wisconsin – 2.9% |
||||||||
| City of Milwaukee WI |
1,000 | 1,089,448 | ||||||
| Public Finance Authority |
998 | 923,858 | ||||||
| Wisconsin Health & Educational Facilities Authority |
550 | 557,963 | ||||||
| Series 2025 |
1,000 | 1,056,017 | ||||||
| Wisconsin Public Finance Authority |
100 | 46,853 | ||||||
| Wisconsin Public Finance Authority |
1,000 | 510,517 | ||||||
| Wisconsin Public Finance Authority |
250 | 248,269 | ||||||
| Wisconsin Public Finance Authority |
1,000 | 998,767 | ||||||
| Wisconsin Public Finance Authority |
500 | 432,873 | ||||||
| Wisconsin Public Finance Authority |
1,000 | 315,934 | ||||||
| Wisconsin Public Finance Authority |
1,000 | 1,091,983 | ||||||
| Wisconsin Public Finance Authority |
1,000 | 1,019,867 | ||||||
| 5.75%, 07/01/2049 |
1,000 | 1,028,564 | ||||||
| Wisconsin Public Finance Authority |
1,000 | 1,009,724 | ||||||
34
| Principal Amount (000) |
U.S. $ Value | |||||||
| Wisconsin Public Finance Authority |
$ | 100 | $ | 100,018 | ||||
| Wisconsin Public Finance Authority |
2,875 | 2,952,066 | ||||||
| 5.75%, 12/31/2065 |
2,000 | 2,052,196 | ||||||
| 6.50%, 06/30/2060 |
3,135 | 3,428,802 | ||||||
| 6.50%, 12/31/2065 |
2,500 | 2,734,292 | ||||||
| Wisconsin Public Finance Authority |
500 | 484,121 | ||||||
| Wisconsin Public Finance Authority |
480 | 473,284 | ||||||
|
|
|
|||||||
| 22,555,416 | ||||||||
|
|
|
|||||||
| Total Long-Term Municipal Bonds |
717,599,427 | |||||||
|
|
|
|||||||
| Short-Term Municipal Notes – 6.4% |
||||||||
| Arizona – 0.2% |
||||||||
| Arizona Health Facilities Authority |
1,590 | 1,590,000 | ||||||
| Arizona Industrial Development Authority |
260 | 260,000 | ||||||
|
|
|
|||||||
| 1,850,000 | ||||||||
|
|
|
|||||||
| California – 0.6% |
||||||||
| City of Los Angeles CA |
2,500 | 2,552,509 | ||||||
| County of Los Angeles CA |
2,220 | 2,267,135 | ||||||
|
|
|
|||||||
| 4,819,644 | ||||||||
|
|
|
|||||||
| Colorado – 0.2% |
||||||||
| Colorado Educational & Cultural Facilities Authority |
495 | 495,000 | ||||||
| Colorado Educational & Cultural Facilities Authority |
1,000 | 1,000,000 | ||||||
| Colorado Educational & Cultural Facilities Authority |
350 | 350,000 | ||||||
|
|
|
|||||||
| 1,845,000 | ||||||||
|
|
|
|||||||
| Florida – 0.4% School Board of Miami-Dade County (The) |
3,000 | 3,014,728 | ||||||
|
|
|
|||||||
35
| Principal Amount (000) |
U.S. $ Value | |||||||
| Georgia – 0.1% |
||||||||
| Cobb County School District |
$ | 1,000 | $ | 1,003,828 | ||||
|
|
|
|||||||
| Idaho – 1.3% |
||||||||
| Idaho Health Facilities Authority |
5,000 | 5,000,000 | ||||||
| State of Idaho |
5,000 | 5,054,408 | ||||||
|
|
|
|||||||
| 10,054,408 | ||||||||
|
|
|
|||||||
| Illinois – 0.1% |
||||||||
| Illinois Finance Authority |
655 | 655,000 | ||||||
|
|
|
|||||||
| Maryland – 0.1% |
||||||||
| Maryland Health & Higher Educational Facilities Authority |
600 | 600,000 | ||||||
|
|
|
|||||||
| Massachusetts – 0.4% |
||||||||
| City of Quincy MA |
1,000 | 1,001,721 | ||||||
| City of Somerville MA |
2,250 | 2,271,424 | ||||||
|
|
|
|||||||
| 3,273,145 | ||||||||
|
|
|
|||||||
| Michigan – 0.1% |
||||||||
| Green Lake Township Economic Development Corp. |
700 | 700,000 | ||||||
|
|
|
|||||||
| Missouri – 0.1% |
||||||||
| Health & Educational Facilities Authority of the State of Missouri |
860 | 860,000 | ||||||
|
|
|
|||||||
| New Jersey – 0.6% |
||||||||
| County of Hudson NJ |
1,000 | 1,006,343 | ||||||
| County of Mercer NJ |
2,000 | 2,016,050 | ||||||
| Essex County Improvement Authority |
1,000 | 1,007,116 | ||||||
36
| Principal Amount (000) |
U.S. $ Value | |||||||
| Jersey City Redevelopment Agency |
$ | 1,000 | $ | 1,006,082 | ||||
|
|
|
|||||||
| 5,035,591 | ||||||||
|
|
|
|||||||
| New York – 0.7% |
||||||||
| City of Rochester NY |
1,000 | 1,011,623 | ||||||
| Corning City School District |
2,000 | 2,020,642 | ||||||
| Metropolitan Transportation Authority Dedicated Tax Fund |
490 | 490,000 | ||||||
| Town of Oyster Bay NY |
2,000 | 2,026,247 | ||||||
|
|
|
|||||||
| 5,548,512 | ||||||||
|
|
|
|||||||
| North Carolina – 0.1% |
||||||||
| Charlotte-Mecklenburg Hospital Authority (The) |
570 | 570,000 | ||||||
|
|
|
|||||||
| Pennsylvania – 0.2% |
||||||||
| Delaware Valley Regional Finance Authority |
500 | 500,000 | ||||||
| School District of Philadelphia (The) |
1,000 | 1,016,720 | ||||||
|
|
|
|||||||
| 1,516,720 | ||||||||
|
|
|
|||||||
| South Carolina – 0.4% |
||||||||
| Charleston County School District |
3,000 | 3,047,174 | ||||||
|
|
|
|||||||
| West Virginia – 0.1% |
||||||||
| West Virginia Hospital Finance Authority |
500 | 500,000 | ||||||
|
|
|
|||||||
| Wisconsin – 0.7% |
||||||||
| University of Wisconsin Hospitals & Clinics |
5,030 | 5,030,000 | ||||||
37
| Principal Amount (000) |
U.S. $ Value | |||||||
| Wisconsin Health & Educational Facilities Authority |
$ | 465 | $ | 465,000 | ||||
|
|
|
|||||||
| 5,495,000 | ||||||||
|
|
|
|||||||
| Total Short-Term Municipal Notes |
50,388,750 | |||||||
|
|
|
|||||||
| Total Municipal Obligations |
767,988,177 | |||||||
|
|
|
|||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.1% |
||||||||
| Non-Agency Fixed Rate CMBS – 0.1% |
||||||||
| MAD Commercial Mortgage Trust |
1,000 | 981,126 | ||||||
|
|
|
|||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS – 0.1% |
||||||||
| Risk Share Floating Rate – 0.1% |
||||||||
| Connecticut Avenue Securities Trust |
640 | 638,828 | ||||||
|
|
|
|||||||
| Shares | ||||||||
| WARRANTS – 0.0% |
||||||||
| Industrials – 0.0% |
||||||||
| Construction & Engineering – 0.0% |
||||||||
| DesertXpress Enterprises LLC, expiring 12/31/2026(e) (h) (i)
(j) |
7,809 | 11,713 | ||||||
|
|
|
|||||||
| SHORT-TERM INVESTMENTS – 3.4% |
||||||||
| Investment Companies – 3.4% |
||||||||
| AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 3.51%(k) (l) (m) |
26,126,334 | 26,126,334 | ||||||
|
|
|
|||||||
| Total Investments – 101.7% |
795,746,178 | |||||||
| Other assets less liabilities – (1.7)% |
(13,079,924 | ) | ||||||
|
|
|
|||||||
| Net Assets – 100.0% |
$ | 782,666,254 | ||||||
|
|
|
|||||||
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 |
(5.00 | )% | Quarterly | 3.01% | USD | 3,283 | $ | (292,491 | ) | $ | (117,636 | ) | $ | (174,855 | ) | |||||||||||||||
| * | Termination date. |
38
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 | 3,190 | 10/15/2028 | CPI | # | 3.020% | Maturity | $ | 22,857 | $ | — | $ | 22,857 | ||||||||||||||||||
| USD | 17,600 | 10/15/2029 | 2.545 | % | CPI# | Maturity | 154,728 | — | 154,728 | |||||||||||||||||||||
| USD | 11,900 | 10/15/2030 | 2.615 | % | CPI# | Maturity | 29,363 | — | 29,363 | |||||||||||||||||||||
| USD | 4,010 | 10/15/2030 | CPI | # | 2.840% | Maturity | 32,264 | — | 32,264 | |||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| $ | 239,212 | $ | — | $ | 239,212 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| # | 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 Amount (000) |
Termination Date |
Payments made by the Fund |
Payments by the |
Payment Frequency Paid/ Received |
Market Value |
Upfront (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||
| USD | 1,300 | 10/15/2030 | 1 Day SOFR | 4.082% | Annual | $ | (2,932 | ) | $ | — | $ | (2,932 | ) | |||||||||||
| USD | 800 | 10/15/2030 | 1 Day SOFR | 4.092% | Annual | (1,451 | ) | — | (1,451 | ) | ||||||||||||||
| USD | 1,700 | 12/03/2031 | 1 Day SOFR | 3.967% | Annual | (18,377 | ) | — | (18,377 | ) | ||||||||||||||
| USD | 1,700 | 12/03/2031 | 1 Day SOFR | 4.212% | Annual | 4,312 | — | 4,312 | ||||||||||||||||
| USD | 1,600 | 12/03/2031 | 1 Day SOFR | 4.088% | Annual | (6,772 | ) | — | (6,772 | ) | ||||||||||||||
| USD | 1,500 | 12/03/2031 | 1 Day SOFR | 4.036% | Annual | (10,548 | ) | — | (10,548 | ) | ||||||||||||||
| USD | 1,190 | 12/03/2031 | 1 Day SOFR | 4.146% | Annual | (1,252 | ) | 16 | (1,268 | ) | ||||||||||||||
| USD | 700 | 12/03/2031 | 1 Day SOFR | 3.898% | Annual | (10,174 | ) | (81 | ) | (10,093 | ) | |||||||||||||
| USD | 390 | 12/03/2031 | 1 Day SOFR | 4.125% | Annual | (856 | ) | — | (856 | ) | ||||||||||||||
| USD | 13,100 | 03/12/2032 | 1 Day SOFR | 3.660% | Annual | (380,979 | ) | — | (380,979 | ) | ||||||||||||||
| USD | 2,980 | 03/12/2032 | 1 Day SOFR | 3.826% | Annual | (60,069 | ) | — | (60,069 | ) | ||||||||||||||
| USD | 1,950 | 01/03/2033 | 1 Day SOFR | 3.720% | Annual | (58,872 | ) | — | (58,872 | ) | ||||||||||||||
| USD | 3,460 | 03/15/2033 | 1 Day SOFR | 3.776% | Annual | (96,610 | ) | — | (96,610 | ) | ||||||||||||||
| USD | 7,000 | 05/10/2033 | 1 Day SOFR | 4.028% | Annual | (94,934 | ) | — | (94,934 | ) | ||||||||||||||
| USD | 5,500 | 07/15/2033 | 1 Day SOFR | 3.929% | Annual | (113,720 | ) | — | (113,720 | ) | ||||||||||||||
| USD | 16,600 | 08/15/2033 | 1 Day SOFR | 4.110% | Annual | (171,313 | ) | — | (171,313 | ) | ||||||||||||||
| USD | 4,600 | 09/25/2035 | 3.494% | 1 Day SOFR | Annual | 305,310 | — | 305,310 | ||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| $ | (719,237) | $ | (65 | ) | $ | (719,172 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| (a) | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at August 31, 2026. |
| (b) | When-Issued or delayed delivery security. |
| (c) | 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 $47,307,976 or 6.0% of net assets. |
| (d) | Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at August 31, 2026. |
| (e) | Non-income producing security. |
| (f) | Defaulted matured security. |
| (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) | 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- | $ | 11,713 | 0.00% | ||||||||
| (i) | Fair valued by the Adviser. |
| (j) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (k) | The rate shown represents the 7-day yield as of period end. |
| (l) | Affiliated investments. |
| (m) | 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. |
39
| (n) | 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 $2,689,998 and gross unrealized depreciation of investments was $12,723,678, resulting in net unrealized depreciation of $10,033,680. |
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 3.4% and 0.0%, respectively.
Glossary:
AG – Assured Guaranty Inc.
BAM – Build American Mutual
CDX-NAHY – North American High Yield Credit Default Swap Index
CHF – Collegiate Housing Foundation
CMBS – Commercial Mortgage-Backed Securities
CME – Chicago Mercantile Exchange
COP – Certificate of Participation
FHLMC – Federal Home Loan Mortgage Corporation
ID – Improvement District
MUNIPSA – SIFMA Municipal Swap Index.
NATL – National Interstate Corporation
SOFR – Secured Overnight Financing Rate
UPMC – University of Pittsburgh Medical Center
40
AB Active ETFs, Inc.
AB Tax-Aware Intermediate 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.
41
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- | $ | 717,599,427 | $ | -0- | $ | 717,599,427 | ||||||||
| Short-Term Municipal Notes | -0- | 50,388,750 | -0- | 50,388,750 | ||||||||||||
| Commercial Mortgage-Backed Securities | -0- | 981,126 | -0- | 981,126 | ||||||||||||
| Collateralized Mortgage Obligations | -0- | 638,828 | -0- | 638,828 | ||||||||||||
| Warrants | -0- | -0- | 11,713 | 11,713 | ||||||||||||
| Short-Term Investments | 26,126,334 | -0- | -0- | 26,126,334 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Investments in Securities | 26,126,334 | 769,608,131 | 11,713 | 795,746,178 | ||||||||||||
| Other Financial Instruments(a): | ||||||||||||||||
| Assets: | ||||||||||||||||
| Centrally Cleared Inflation (CPI) Swaps | -0- | 239,212 | -0- | 239,212 | ||||||||||||
| Centrally Cleared Interest Rate Swaps | -0- | 309,622 | -0- | 309,622 | ||||||||||||
| Liabilities: | ||||||||||||||||
| Centrally Cleared Credit Default Swaps | -0- | (292,491 | ) | -0- | (292,491 | ) | ||||||||||
| Centrally Cleared Interest Rate Swaps | -0- | (1,028,859 | ) | -0- | (1,028,859 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total | $ | 26,126,334 | $ | 768,835,615 | $ | 11,713 | $ | 794,973,662 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (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 | $ | 11,334 | $ | 223,454 | $ | 208,662 | $ | 26,126 | $ | 366 | ||||||||||
42