AB Active ETFs, Inc.
AB New York Intermediate Municipal ETF
Portfolio of Investments
February 28, 2026 (unaudited)
| Principal Amount (000) |
U.S. $ Value | |||||||
| MUNICIPAL OBLIGATIONS – 99.5% |
||||||||
| Long-Term Municipal Bonds – 89.6% |
||||||||
| New York – 79.2% |
||||||||
| Albany Capital Resource Corp. (Albany Medical Center Hospital Obligated Group) |
$ | 1,500 | $ | 1,708,709 | ||||
| 5.25%, 05/01/2043 |
2,250 | 2,527,423 | ||||||
| Albany County Airport Authority (Albany County Airport Authority) |
855 | 871,124 | ||||||
| Broome County Local Development Corp. (United Health Services Hospitals Obligated Group) |
2,220 | 2,179,914 | ||||||
| 3.00%, 04/01/2036 |
2,000 | 1,937,620 | ||||||
| 3.00%, 04/01/2037 |
1,500 | 1,431,583 | ||||||
| 4.00%, 04/01/2034 |
725 | 754,905 | ||||||
| 4.00%, 04/01/2038 |
2,900 | 2,956,792 | ||||||
| 4.00%, 04/01/2040 |
1,500 | 1,516,029 | ||||||
| 5.00%, 04/01/2032 |
2,000 | 2,169,804 | ||||||
| 5.00%, 04/01/2033 |
1,000 | 1,080,854 | ||||||
| Build NYC Resource Corp. (Build NYC Resource Corp.) |
759 | 607,254 | ||||||
| Build NYC Resource Corp. (East Harlem Scholars Academy Charter School Obligated Group) |
1,150 | 1,193,998 | ||||||
| 5.75%, 06/01/2042(a) |
2,250 | 2,311,029 | ||||||
| Build NYC Resource Corp. (Grand Concourse Acadmey Charter School) |
550 | 559,917 | ||||||
| Build NYC Resource Corp. (Integration Charter Schools) |
800 | 734,326 | ||||||
| Build NYC Resource Corp. (REN 4520 83rd Street LLC) |
1,900 | 1,942,926 | ||||||
| 4.75%, 06/15/2040 |
1,900 | 1,936,851 | ||||||
| 5.75%, 06/15/2060 |
1,500 | 1,513,401 | ||||||
| Build NYC Resource Corp. (Success Academy Charter Schools Obligated Group) |
1,060 | 1,069,219 | ||||||
| 4.00%, 09/01/2041 |
1,725 | 1,731,031 | ||||||
| 4.00%, 09/01/2042 |
1,175 | 1,168,661 | ||||||
| 5.00%, 09/01/2038 |
1,485 | 1,602,551 | ||||||
| 5.00%, 09/01/2039 |
1,125 | 1,206,933 | ||||||
1
| Principal Amount (000) |
U.S. $ Value | |||||||
| Build NYC Resource Corp. (TrIPs Obligated Group) |
$ | 1,535 | $ | 1,664,155 | ||||
| Build NYC Resource Corp. (Zeta Charter Schools Obligated Group) |
6,250 | 6,648,971 | ||||||
| City of New York NY (City of New York NY) |
11,165 | 11,189,158 | ||||||
| Series 2016-E |
2,400 | 2,428,780 | ||||||
| 5.00%, 08/01/2027 |
1,495 | 1,512,044 | ||||||
| Series 2018-A |
7,690 | 7,782,215 | ||||||
| Series 2018-D |
9,665 | 10,210,157 | ||||||
| Series 2020-A |
2,185 | 2,211,202 | ||||||
| Series 2020-C |
3,445 | 3,553,997 | ||||||
| 4.00%, 08/01/2039 |
1,450 | 1,481,747 | ||||||
| 5.00%, 08/01/2026 |
3,000 | 3,035,975 | ||||||
| Series 2021 |
5,360 | 5,305,744 | ||||||
| 1.396%, 08/01/2027 |
4,950 | 4,796,252 | ||||||
| 1.623%, 08/01/2028 |
3,255 | 3,104,330 | ||||||
| Series 2021-F |
1,000 | 1,021,211 | ||||||
| Series 2023 |
2,500 | 2,862,981 | ||||||
| 5.00%, 08/01/2040 |
1,000 | 1,115,801 | ||||||
| 5.00%, 08/01/2043 |
5,000 | 5,420,738 | ||||||
| Series 2023-E |
4,000 | 4,356,610 | ||||||
| Series 2024-A |
1,000 | 1,011,992 | ||||||
| 5.00%, 08/01/2029 |
1,065 | 1,166,602 | ||||||
| Series 2024-B |
5,000 | 5,217,115 | ||||||
| Series 2024-C |
2,000 | 2,003,723 | ||||||
| 5.00%, 03/01/2026 |
2,000 | 2,000,000 | ||||||
| 5.00%, 09/01/2044 |
1,000 | 1,082,564 | ||||||
| Series 2024-I |
7,000 | 8,237,766 | ||||||
| Series 2025-A |
2,000 | 2,379,211 | ||||||
| Series 2025-B |
9,745 | 10,409,796 | ||||||
| Series 2025-D |
4,060 | 4,549,883 | ||||||
| Series 2025-G |
2,000 | 2,293,525 | ||||||
2
| Principal Amount (000) |
U.S. $ Value | |||||||
| AG Series 2024-A |
$ | 4,985 | $ | 5,045,818 | ||||
| AG Series 2024-C |
5,310 | 5,401,093 | ||||||
| 5.00%, 10/01/2027 |
1,000 | 1,046,589 | ||||||
| City of New York NY (Prerefunded - US Treasuries) |
640 | 632,915 | ||||||
| 1.623%, 08/01/2028 |
745 | 710,256 | ||||||
| City of Yonkers NY (City of Yonkers NY) |
1,100 | 1,251,835 | ||||||
| 5.00%, 02/15/2040 |
1,000 | 1,115,607 | ||||||
| 5.00%, 02/15/2041 |
2,120 | 2,350,660 | ||||||
| County of Nassau NY (County of Nassau NY) |
2,220 | 2,258,408 | ||||||
| Series 2024-A |
5,705 | 6,526,749 | ||||||
| 5.00%, 04/01/2041 |
2,855 | 3,240,609 | ||||||
| 5.00%, 04/01/2043 |
6,280 | 6,978,111 | ||||||
| County of Suffolk NY (County of Suffolk NY) |
1,770 | 1,946,701 | ||||||
| Dutchess County Local Development Corp. (Bard College) |
2,400 | 2,471,897 | ||||||
| Series 2020-B |
4,855 | 4,955,374 | ||||||
| Empire State Development Corp. (Prerefunded - US Govt Agencies) |
5,010 | 5,015,387 | ||||||
| Empire State Development Corp. (State of New York Pers Income Tax) |
5,000 | 5,136,540 | ||||||
| Series 2020-E |
10,000 | 10,010,505 | ||||||
| Series 2022 |
6,830 | 7,523,407 | ||||||
| Hempstead Town Local Development Corp. (Evergreen Charter School) |
4,000 | 4,111,290 | ||||||
| Hudson Yards Infrastructure Corp. (Hudson Yards Infrastructure) |
17,060 | 17,520,308 | ||||||
| 5.00%, 02/15/2032 |
5,590 | 5,738,265 | ||||||
| Metropolitan Transportation Authority (Metropolitan Transportation Authority Dedicated Tax Fund) |
2,060 | 2,127,037 | ||||||
3
| Principal Amount (000) |
U.S. $ Value | |||||||
| Metropolitan Transportation Authority (Metropolitan Transportation Authority) |
$ | 3,315 | $ | 3,794,909 | ||||
| Series 2016-D |
1,210 | 1,230,895 | ||||||
| Series 2017 |
5,050 | 5,289,176 | ||||||
| 5.00%, 11/15/2028 |
4,020 | 4,320,623 | ||||||
| Series 2017-C |
9,140 | 9,572,884 | ||||||
| 5.00%, 11/15/2028 |
7,400 | 7,809,082 | ||||||
| 5.00%, 11/15/2029 |
1,790 | 1,888,659 | ||||||
| 5.00%, 11/15/2031 |
29,930 | 31,529,588 | ||||||
| Series 2020-C |
1,000 | 1,011,740 | ||||||
| Series 2021 |
250 | 249,180 | ||||||
| Series 2025 |
2,815 | 3,356,409 | ||||||
| 5.00%, 11/15/2044 |
2,000 | 2,152,372 | ||||||
| AG Series 2006-B |
5,000 | 5,108,559 | ||||||
| AG Series 2021 |
3,715 | 3,715,205 | ||||||
| Metropolitan Transportation Authority Dedicated Tax Fund (Metropolitan Transportation Authority Dedicated Tax Fund) |
3,000 | 3,088,730 | ||||||
| Monroe County Industrial Development Corp./NY (Academy of Health Sciences Charter School) |
250 | 261,754 | ||||||
| 5.625%, 07/01/2042(a) |
2,000 | 2,056,220 | ||||||
| Monroe County Industrial Development Corp./NY (Eugenio Maria de Hostos Charter School) |
3,445 | 3,441,883 | ||||||
| Monroe County Industrial Development Corp./NY (Rochester Regional Health Obligated Group) |
1,210 | 1,281,238 | ||||||
| Monroe County Industrial Development Corp./NY (St. Ann’s of Greater Rochester Obligated Group) |
1,485 | 1,488,519 | ||||||
| Monroe County Industrial Development Corp./NY (True North Rochester Prep Charter School) |
2,265 | 2,295,820 | ||||||
| Nassau County Local Economic Assistance Corp. (Roosevelt Children’s Academy Charter School) |
750 | 742,223 | ||||||
4
| Principal Amount (000) |
U.S. $ Value | |||||||
| Nassau Health Care Corp. (Nassau Health Care Corp.) |
$ | 6,000 | $ | 6,575,938 | ||||
| New York City Health & Hospitals Corp. (New York City Health & Hospital Lease) |
4,000 | 4,543,941 | ||||||
| 5.00%, 02/15/2042 |
1,000 | 1,122,936 | ||||||
| New York City Housing Development Corp. (8 Spruce NY Owner LLC) |
550 | 569,308 | ||||||
| 4.375%, 12/15/2031 |
1,070 | 1,105,128 | ||||||
| 5.25%, 12/15/2031 |
2,620 | 2,726,219 | ||||||
| New York City Industrial Development Agency (Yankee Stadium LLC) |
4,760 | 5,033,137 | ||||||
| New York City Municipal Water Finance Authority (New York City Municipal Water Finance Authority) |
2,000 | 2,082,971 | ||||||
| Series 2023 |
13,345 | 15,808,638 | ||||||
| New York City Transitional Finance Authority Building Aid Revenue (New York City Transitional Finance Authority Building Aid Revenue State Lease) |
2,065 | 2,203,210 | ||||||
| 5.00%, 07/15/2032 |
16,090 | 17,154,992 | ||||||
| New York City Transitional Finance Authority Building Aid Revenue (State of New York State Lease) |
2,500 | 2,527,055 | ||||||
| New York City Transitional Finance Authority Building Aid Revenue (State of New York) |
3,745 | 3,891,539 | ||||||
| 5.00%, 07/15/2028 |
2,500 | 2,674,658 | ||||||
| New York City Transitional Finance Authority Future Tax Secured Revenue (New York City Transitional Finance Authority Future Tax Secured Revenue) |
2,200 | 2,224,010 | ||||||
| Series 2017-F |
1,220 | 1,256,886 | ||||||
| Series 2020 |
2,580 | 2,705,383 | ||||||
| Series 2021-E |
3,750 | 3,861,568 | ||||||
| 4.00%, 02/01/2040 |
12,575 | 12,813,905 | ||||||
| Series 2022 |
4,000 | 4,077,798 | ||||||
5
| Principal Amount (000) |
U.S. $ Value | |||||||
| Series 2023 |
$ | 5,000 | $ | 5,660,009 | ||||
| Series 2024 |
2,000 | 2,101,808 | ||||||
| Series 2025 |
5,500 | 6,100,456 | ||||||
| Series 2026 |
1,250 | 1,319,746 | ||||||
| 5.00%, 11/01/2030 |
1,000 | 1,123,016 | ||||||
| New York Energy Finance Development Corp. (Athene Annuity & Life Co.) |
9,115 | 9,777,547 | ||||||
| New York Liberty Development Corp. (3 World Trade Center LLC) |
2,000 | 2,003,278 | ||||||
| 7.25%, 11/15/2044(a) |
3,260 | 3,267,689 | ||||||
| New York Liberty Development Corp. (One Bryant Park LLC) |
20,000 | 19,043,574 | ||||||
| 2.625%, 09/15/2069 |
22,240 | 21,062,101 | ||||||
| 2.80%, 09/15/2069 |
6,470 | 6,097,100 | ||||||
| New York Liberty Development Corp. (Port Authority of New York & New Jersey) |
20,000 | 17,786,668 | ||||||
| New York Power Authority (New York Power Authority SFP Transmission Project) |
1,000 | 1,167,890 | ||||||
| 5.25%, 11/15/2041 |
1,000 | 1,154,403 | ||||||
| New York State Dormitory Authority (Catholic Health System Obligated Group) |
1,000 | 982,725 | ||||||
| New York State Dormitory Authority (Garnet Health Medical Center Obligated Group) |
1,500 | 1,510,078 | ||||||
| 5.00%, 12/01/2034(a) |
2,500 | 2,500,515 | ||||||
| New York State Dormitory Authority (Icahn School of Medicine at Mount Sinai) |
3,745 | 3,747,985 | ||||||
| New York State Dormitory Authority (Iona College) |
620 | 624,750 | ||||||
| 5.00%, 07/01/2027 |
325 | 334,188 | ||||||
| 5.00%, 07/01/2029 |
500 | 533,865 | ||||||
| 5.00%, 07/01/2030 |
300 | 325,494 | ||||||
| 5.00%, 07/01/2031 |
320 | 351,713 | ||||||
| 5.00%, 07/01/2032 |
280 | 311,130 | ||||||
6
| Principal Amount (000) |
U.S. $ Value | |||||||
| New York State Dormitory Authority (Iona University) |
$ | 1,000 | $ | 1,148,102 | ||||
| 5.00%, 07/01/2040 |
1,000 | 1,138,406 | ||||||
| 5.50%, 07/01/2044 |
1,250 | 1,399,556 | ||||||
| New York State Dormitory Authority (Memorial Sloan-Kettering Cancer Center) |
1,000 | 1,216,663 | ||||||
| New York State Dormitory Authority (Montefiore Obligated Group) |
2,150 | 2,345,415 | ||||||
| 5.25%, 11/01/2043 |
1,500 | 1,603,899 | ||||||
| 5.50%, 11/01/2044 |
2,900 | 3,135,494 | ||||||
| New York State Dormitory Authority (Mount Sinai Hospital Obligated Group) |
5,250 | 5,383,068 | ||||||
| New York State Dormitory Authority (New York & Presbyterian Hospital Obligated Group) |
4,250 | 4,946,756 | ||||||
| New York State Dormitory Authority (New York State Dormitory Authority Lease) |
3,045 | 3,096,632 | ||||||
| 5.00%, 10/01/2029 |
2,130 | 2,287,363 | ||||||
| New York State Dormitory Authority (New York State Sales Tax) |
2,000 | 2,087,794 | ||||||
| Series 2024-B |
100 | 100,105 | ||||||
| New York State Dormitory Authority (New York University) |
2,975 | 3,230,639 | ||||||
| New York State Dormitory Authority (Northwell Health Obligated Group) |
2,500 | 2,542,081 | ||||||
| 4.00%, 05/01/2040 |
6,000 | 6,064,358 | ||||||
| Series 2025 |
2,300 | 2,372,003 | ||||||
| 5.00%, 05/01/2029 |
10,635 | 11,523,158 | ||||||
| New York State Dormitory Authority (NYU Langone Hospitals Obligated Group) |
1,600 | 1,790,653 | ||||||
| 5.00%, 07/01/2034 |
1,700 | 2,013,745 | ||||||
| New York State Dormitory Authority (Pace University) |
1,050 | 1,164,451 | ||||||
| 5.25%, 05/01/2042 |
1,325 | 1,428,298 | ||||||
| 5.25%, 05/01/2044 |
1,050 | 1,111,004 | ||||||
| 5.50%, 05/01/2049 |
1,500 | 1,570,761 | ||||||
7
| Principal Amount (000) |
U.S. $ Value | |||||||
| New York State Dormitory Authority (Prerefunded - US Govt Agencies) |
$ | 5,500 | $ | 5,494,611 | ||||
| New York State Dormitory Authority (Prerefunded - US Treasuries) |
215 | 215,227 | ||||||
| AG Series 2020 |
5 | 5,081 | ||||||
| 5.00%, 10/01/2029 |
5 | 5,350 | ||||||
| New York State Dormitory Authority (Rochester Institute of Technology) |
1,000 | 1,009,165 | ||||||
| New York State Dormitory Authority (St. John’s University/NY) |
1,400 | 1,501,630 | ||||||
| New York State Dormitory Authority (State of New York Pers Income Tax) |
2,430 | 2,525,186 | ||||||
| Series 2017-B |
5,520 | 5,699,959 | ||||||
| Series 2019-A |
4,500 | 4,504,727 | ||||||
| Series 2021-A |
1,000 | 1,022,625 | ||||||
| Series 2021-E |
4,645 | 4,841,427 | ||||||
| Series 2022-A |
2,000 | 2,054,487 | ||||||
| Series 2024-A |
170 | 170,179 | ||||||
| 5.00%, 03/15/2046 |
3,000 | 3,197,451 | ||||||
| New York State Dormitory Authority (State University of New York Dormitory Facilities Revenue) |
2,000 | 1,665,494 | ||||||
| New York State Dormitory Authority (Wagner College) |
1,000 | 967,953 | ||||||
| 5.00%, 07/01/2037 |
1,000 | 958,915 | ||||||
| 5.00%, 07/01/2039 |
1,500 | 1,428,569 | ||||||
| 5.00%, 07/01/2042 |
1,630 | 1,529,684 | ||||||
| New York State Dormitory Authority (White Plains Hospital Obligated Group) |
1,300 | 1,446,761 | ||||||
| 5.00%, 10/01/2036 |
1,700 | 1,875,774 | ||||||
| 5.00%, 10/01/2037 |
1,800 | 1,969,947 | ||||||
| New York State Energy Research & Development Authority (Rochester Gas & Electric) |
6,800 | 7,063,566 | ||||||
8
| Principal Amount (000) |
U.S. $ Value | |||||||
| New York State Environmental Facilities Corp. (New York City Municipal Water Finance Authority) |
$ | 445 | $ | 461,881 | ||||
| Series 2023 |
1,800 | 1,899,566 | ||||||
| New York State Thruway Authority (New York State Thruway Authority Gen Toll Road) |
5,750 | 5,811,423 | ||||||
| New York State Thruway Authority (State of New York Pers Income Tax) |
7,250 | 8,106,661 | ||||||
| Series 2025-A |
5,645 | 6,141,080 | ||||||
| New York Transportation Development Corp. (American Airlines, Inc.) |
375 | 375,432 | ||||||
| Series 2021 |
420 | 418,812 | ||||||
| New York Transportation Development Corp. (Delta Air Lines, Inc.) |
24,485 | 25,376,540 | ||||||
| 5.00%, 01/01/2032 |
2,355 | 2,436,929 | ||||||
| 5.00%, 01/01/2034 |
1,630 | 1,682,461 | ||||||
| 5.00%, 01/01/2036 |
2,000 | 2,057,106 | ||||||
| Series 2023 |
4,165 | 4,457,808 | ||||||
| 6.00%, 04/01/2035 |
1,500 | 1,673,849 | ||||||
| New York Transportation Development Corp. (Elevated Accessibility Enhancements Holding) |
2,000 | 2,081,268 | ||||||
| New York Transportation Development Corp. (Empire State Thruway Partners) |
500 | 511,227 | ||||||
| 4.00%, 10/31/2041 |
2,075 | 2,047,171 | ||||||
| New York Transportation Development Corp. (JFK Intl Air Terminal) |
2,210 | 2,295,617 | ||||||
| 5.00%, 12/01/2030 |
1,010 | 1,110,165 | ||||||
| 5.00%, 12/01/2031 |
400 | 438,031 | ||||||
| 5.00%, 12/01/2032 |
1,035 | 1,127,459 | ||||||
| 5.00%, 12/01/2035 |
1,000 | 1,072,418 | ||||||
| 5.00%, 12/01/2036 |
1,050 | 1,120,191 | ||||||
| Series 2022 |
2,115 | 2,196,937 | ||||||
| 5.00%, 12/01/2031 |
2,035 | 2,266,051 | ||||||
| 5.00%, 12/01/2039 |
4,580 | 4,914,746 | ||||||
| 5.00%, 12/01/2040 |
3,310 | 3,529,952 | ||||||
| 5.00%, 12/01/2042 |
2,860 | 3,021,700 | ||||||
9
| Principal Amount (000) |
U.S. $ Value | |||||||
| New York Transportation Development Corp. (JFK NTO LLC) |
$ | 8,500 | $ | 9,033,729 | ||||
| 5.25%, 06/30/2044 |
10,895 | 11,467,129 | ||||||
| Series 2025 |
2,650 | 2,967,735 | ||||||
| AG Series 2023 |
2,250 | 2,407,806 | ||||||
| 5.50%, 06/30/2044 |
2,500 | 2,655,668 | ||||||
| AG Series 2024 |
10,000 | 10,022,356 | ||||||
| New York Transportation Development Corp. (Laguardia Gateway Partners) |
2,535 | 2,535,893 | ||||||
| Onondaga Civic Development Corp. (Crouse Health Hospital Obligated Group) |
825 | 839,416 | ||||||
| Onondaga Civic Development Corp. (Le Moyne College) |
300 | 308,112 | ||||||
| 4.00%, 07/01/2036 |
350 | 355,047 | ||||||
| 4.00%, 07/01/2039 |
450 | 449,255 | ||||||
| Port Authority of New York & New Jersey (Port Authority of New York & New Jersey) |
6,925 | 7,097,414 | ||||||
| Series 2018-2 |
1,000 | 1,013,075 | ||||||
| 5.00%, 09/15/2027 |
5,300 | 5,497,981 | ||||||
| 5.00%, 09/15/2028 |
8,000 | 8,367,043 | ||||||
| 5.00%, 09/15/2031 |
5,000 | 5,226,765 | ||||||
| 5.00%, 09/15/2033 |
5,335 | 5,564,852 | ||||||
| Series 2019 |
9,000 | 9,497,496 | ||||||
| Series 2020-2 |
3,000 | 3,256,047 | ||||||
| 5.00%, 07/15/2034 |
4,860 | 5,253,181 | ||||||
| 5.00%, 07/15/2035 |
5,095 | 5,484,123 | ||||||
| Series 2022-2 |
7,185 | 7,928,921 | ||||||
| 5.00%, 08/01/2035 |
1,390 | 1,558,040 | ||||||
| Series 2023-2 |
1,750 | 1,972,646 | ||||||
| 5.00%, 12/01/2038 |
2,000 | 2,215,412 | ||||||
| 5.00%, 12/01/2041 |
1,005 | 1,096,872 | ||||||
| Saratoga County Capital Resource Corp. (Washington Saratoga Warren Hamilton & Essex Boces) |
6,000 | 6,318,917 | ||||||
| State of New York (State of New York) |
1,395 | 1,396,543 | ||||||
| 5.00%, 03/15/2031 |
5,600 | 6,411,135 | ||||||
| 5.00%, 03/15/2032 |
1,815 | 2,119,271 | ||||||
| 5.00%, 03/15/2033 |
1,750 | 2,077,085 | ||||||
| 5.00%, 03/15/2036 |
1,500 | 1,754,700 | ||||||
10
| Principal Amount (000) |
U.S. $ Value | |||||||
| 5.00%, 03/15/2038 |
$ | 1,500 | $ | 1,728,022 | ||||
| 5.00%, 03/15/2039 |
2,000 | 2,291,064 | ||||||
| 5.00%, 03/15/2040 |
2,250 | 2,560,216 | ||||||
| Series 2023-C |
1,670 | 1,937,741 | ||||||
| Suffolk County Economic Development Corp. (Peconic Landing at Southold) |
500 | 519,249 | ||||||
| 5.00%, 12/01/2034 |
1,000 | 1,040,658 | ||||||
| Suffolk Regional Off-Track Betting Corp. (Suffolk Regional Off-Track Betting) |
4,300 | 4,440,313 | ||||||
| Suffolk Tobacco Asset Securitization Corp. (Suffolk Tobacco Asset Securitization) |
2,300 | 2,318,101 | ||||||
| 4.00%, 06/01/2036 |
2,425 | 2,432,632 | ||||||
| 4.00%, 06/01/2038 |
1,000 | 982,643 | ||||||
| 4.00%, 06/01/2050 |
1,970 | 1,804,163 | ||||||
| 5.00%, 06/01/2034 |
2,275 | 2,457,610 | ||||||
| Triborough Bridge & Tunnel Authority (Metropolitan Transportation Authority Payroll Mobility Tax Revenue) |
15,035 | 15,113,749 | ||||||
| Series 2021-A |
10,000 | 8,688,266 | ||||||
| Series 2022 |
7,500 | 7,502,531 | ||||||
| 5.00%, 05/15/2041 |
1,750 | 1,917,740 | ||||||
| Series 2023 |
10,420 | 11,741,794 | ||||||
| Series 2024 |
3,000 | 3,576,911 | ||||||
| Series 2024-B |
5,000 | 5,152,681 | ||||||
| Series 2025 |
13,850 | 14,272,928 | ||||||
| Series 2026 |
3,500 | 3,693,934 | ||||||
| Triborough Bridge & Tunnel Authority (Triborough Bridge & Tunnel Authority) |
10,865 | 11,460,723 | ||||||
| 5.00%, 03/01/2028 |
2,500 | 2,642,985 | ||||||
| Troy Capital Resource Corp. (Rensselaer Polytechnic Institute) |
1,190 | 1,196,906 | ||||||
| 5.00%, 09/01/2031 |
2,570 | 2,825,813 | ||||||
| 5.00%, 09/01/2032 |
7,890 | 8,652,457 | ||||||
| 5.00%, 09/01/2033 |
3,010 | 3,288,064 | ||||||
| 5.00%, 09/01/2034 |
1,370 | 1,491,085 | ||||||
11
| Principal Amount (000) |
U.S. $ Value | |||||||
| Trust for Cultural Resources of The City of New York (The) (Lincoln Center for the Performing Arts) |
$ | 13,175 | $ | 13,452,670 | ||||
| Series 2020 |
1,160 | 1,223,891 | ||||||
| 5.00%, 12/01/2031 |
1,800 | 2,018,471 | ||||||
| 5.00%, 12/01/2032 |
2,000 | 2,231,884 | ||||||
| Westchester County Local Development Corp. (Kendal on Hudson Obligated Group) |
140 | 141,889 | ||||||
| 5.00%, 01/01/2032 |
520 | 551,734 | ||||||
| 5.00%, 01/01/2037 |
530 | 558,976 | ||||||
| 5.00%, 01/01/2041 |
720 | 754,220 | ||||||
|
|
|
|||||||
| 1,046,716,108 | ||||||||
|
|
|
|||||||
| Alabama – 0.6% |
| |||||||
| Black Belt Energy Gas District (Pacific Life Insurance) |
5,000 | 5,420,634 | ||||||
| Series 2026-F |
1,220 | 1,341,317 | ||||||
| Southeast Energy Authority A Cooperative District (Athene Annuity & Life Co.) |
1,000 | 1,052,329 | ||||||
|
|
|
|||||||
| 7,814,280 | ||||||||
|
|
|
|||||||
| American Samoa – 0.1% |
| |||||||
| American Samoa Economic Development Authority (Territory of American Samoa) |
670 | 700,177 | ||||||
|
|
|
|||||||
| California – 0.1% |
| |||||||
| California Community Choice Financing Authority (Goldman Sachs Group) |
1,215 | 1,310,294 | ||||||
|
|
|
|||||||
| Colorado – 0.0% |
| |||||||
| Vauxmont Metropolitan District (Vauxmont Metropolitan District) |
160 | 162,560 | ||||||
|
|
|
|||||||
| Connecticut – 0.7% |
| |||||||
| State of Connecticut (State of Connecticut) |
4,715 | 4,890,801 | ||||||
| Series 2018-F |
4,025 | 4,203,978 | ||||||
|
|
|
|||||||
| 9,094,779 | ||||||||
|
|
|
|||||||
| Florida – 0.0% |
| |||||||
| County of Osceola FL Transportation Revenue (County of Osceola FL Transportation Revenue) |
100 | 85,714 | ||||||
12
| Principal Amount (000) |
U.S. $ Value | |||||||
| Zero Coupon, 10/01/2032 |
$ | 100 | $ | 79,381 | ||||
| Zero Coupon, 10/01/2033 |
100 | 76,217 | ||||||
| Zero Coupon, 10/01/2034 |
110 | 80,329 | ||||||
|
|
|
|||||||
| 321,641 | ||||||||
|
|
|
|||||||
| Georgia – 0.6% |
| |||||||
| Main Street Natural Gas, Inc. (Citigroup, Inc.) |
2,440 | 2,512,263 | ||||||
| Series 2025-B |
2,000 | 2,179,994 | ||||||
| Municipal Electric Authority of Georgia (Municipal Electric Authority of Georgia) |
905 | 957,339 | ||||||
| 5.00%, 01/01/2032 |
565 | 597,046 | ||||||
| Municipal Electric Authority of Georgia (PowerSouth Energy Cooperative) |
1,185 | 1,232,894 | ||||||
|
|
|
|||||||
| 7,479,536 | ||||||||
|
|
|
|||||||
| Guam – 2.0% |
| |||||||
| Antonio B Won Pat International Airport Authority (Antonio B Won Pat Intl Airport Authority) |
1,430 | 1,397,207 | ||||||
| Series 2023 |
250 | 278,153 | ||||||
| 5.25%, 10/01/2031 |
1,025 | 1,125,771 | ||||||
| 5.25%, 10/01/2035 |
265 | 295,988 | ||||||
| 5.375%, 10/01/2033 |
525 | 593,155 | ||||||
| Series 2024-A |
325 | 339,234 | ||||||
| 5.00%, 10/01/2030 |
855 | 917,286 | ||||||
| 5.00%, 10/01/2032 |
1,875 | 2,055,386 | ||||||
| Guam Government Waterworks Authority (Guam Govt Waterworks Authority) |
1,250 | 1,287,029 | ||||||
| Guam Government Waterworks Authority (Guam Waterworks Authority Water & Wastewater System) |
1,100 | 1,145,638 | ||||||
| Guam Government Waterworks Authority (Guam Waterworks Authority Water And Wastewater System) |
1,050 | 1,160,827 | ||||||
| Guam Power Authority (Guam Power Authority) |
1,225 | 1,239,596 | ||||||
| 5.00%, 10/01/2027 |
1,230 | 1,269,580 | ||||||
13
| Principal Amount (000) |
U.S. $ Value | |||||||
| Territory of Guam (Guam Section 30 Income Tax) |
$ | 1,150 | $ | 1,167,207 | ||||
| 5.00%, 12/01/2029 |
770 | 780,000 | ||||||
| 5.00%, 12/01/2030 |
1,000 | 1,012,715 | ||||||
| 5.00%, 12/01/2032 |
925 | 935,895 | ||||||
| 5.00%, 12/01/2033 |
1,725 | 1,745,023 | ||||||
| 5.00%, 12/01/2034 |
1,250 | 1,264,272 | ||||||
| Territory of Guam (Territory of Guam Business Privilege Tax) |
1,250 | 1,347,479 | ||||||
| Territory of Guam (Territory of Guam) |
175 | 186,077 | ||||||
| Series 2025-G |
2,000 | 2,218,548 | ||||||
| 5.00%, 01/01/2033 |
2,500 | 2,802,956 | ||||||
|
|
|
|||||||
| 26,565,022 | ||||||||
|
|
|
|||||||
| Illinois – 0.2% |
| |||||||
| Illinois Finance Authority (Illinois Institute of Technology) |
100 | 100,609 | ||||||
| Metropolitan Pier & Exposition Authority (Metropolitan Pier & Exposition Authority) |
2,000 | 2,076,184 | ||||||
|
|
|
|||||||
| 2,176,793 | ||||||||
|
|
|
|||||||
| Indiana – 0.0% |
| |||||||
| City of Fort Wayne IN (Do Good Foods Fort Wayne Obligated Group) |
32 | 3 | ||||||
|
|
|
|||||||
| Kentucky – 0.1% |
||||||||
| City of Ashland KY (Royal Blue Health Obligated Group) |
375 | 382,552 | ||||||
| 5.00%, 02/01/2030 |
210 | 226,536 | ||||||
| 5.00%, 02/01/2031 |
275 | 297,133 | ||||||
|
|
|
|||||||
| 906,221 | ||||||||
|
|
|
|||||||
| Michigan – 1.1% |
| |||||||
| City of Detroit MI (City of Detroit MI) |
250 | 261,308 | ||||||
| Michigan Strategic Fund (Michigan Strategic Fund - I 75 Improvement Project) |
8,600 | 9,027,702 | ||||||
| 5.00%, 12/31/2030 |
4,000 | 4,192,015 | ||||||
| 5.00%, 06/30/2032 |
1,690 | 1,767,236 | ||||||
|
|
|
|||||||
| 15,248,261 | ||||||||
|
|
|
|||||||
14
| Principal Amount (000) |
U.S. $ Value | |||||||
| Missouri – 0.0% |
| |||||||
| Howard Bend Levee District (Howard Bend Levee District) |
$ | 275 | $ | 282,432 | ||||
|
|
|
|||||||
| Nebraska – 0.8% |
| |||||||
| Central Plains Energy Project (Goldman Sachs Group) |
10,000 | 10,641,636 | ||||||
|
|
|
|||||||
| New Jersey – 2.1% |
| |||||||
| New Jersey Transportation Trust Fund Authority (New Jersey Transportation Fed Hwy Grant) |
5,000 | 5,036,788 | ||||||
| Series 2018-A |
11,680 | 11,769,524 | ||||||
| New Jersey Transportation Trust Fund Authority (Prerefunded - US Treasuries) |
230 | 248,455 | ||||||
| New Jersey Transportation Trust Fund Authority (State of New Jersey Lease) |
3,360 | 3,605,927 | ||||||
| Series 2024-A |
4,805 | 5,351,301 | ||||||
| New Jersey Transportation Trust Fund Authority (State of New Jersey) |
1,270 | 1,364,567 | ||||||
|
|
|
|||||||
| 27,376,562 | ||||||||
|
|
|
|||||||
| Puerto Rico – 1.0% |
| |||||||
| Commonwealth of Puerto Rico (Commonwealth of Puerto Rico) |
2,420 | 1,789,059 | ||||||
| 5.625%, 07/01/2029 |
760 | 811,791 | ||||||
| Series 2022-C |
771 | 526,500 | ||||||
| Puerto Rico Commonwealth Aqueduct & Sewer Authority (Puerto Rico Commonwealth Aqueduct & Sewer Authority) |
3,090 | 3,294,412 | ||||||
| 5.00%, 07/01/2035(a) |
2,310 | 2,412,989 | ||||||
| Puerto Rico Electric Power Authority (Puerto Rico Electric Power Authority) |
1,390 | 1,438,379 | ||||||
15
| Principal Amount (000) |
U.S. $ Value | |||||||
| Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Auth (San Juan Cruise Port LLC) |
$ | 1,000 | $ | 1,155,989 | ||||
| 6.50%, 01/01/2041 |
1,250 | 1,453,453 | ||||||
| 6.75%, 01/01/2045 |
1,000 | 1,145,574 | ||||||
|
|
|
|||||||
| 14,028,146 | ||||||||
|
|
|
|||||||
| South Carolina – 0.4% |
||||||||
| South Carolina Public Service Authority (South Carolina Public Service Authority) |
1,500 | 1,586,514 | ||||||
| Series 2021-B |
2,125 | 2,187,365 | ||||||
| 5.00%, 12/01/2040 |
1,000 | 1,084,389 | ||||||
|
|
|
|||||||
| 4,858,268 | ||||||||
|
|
|
|||||||
| Tennessee – 0.1% |
||||||||
| Tennessee Energy Acquisition Corp. (Massachusetts Mutual Life Insurance) |
1,930 | 2,137,750 | ||||||
|
|
|
|||||||
| Texas – 0.2% |
||||||||
| Texas Municipal Gas Acquisition & Supply Corp. V (Bank of America Corp.) |
2,000 | 2,188,521 | ||||||
|
|
|
|||||||
| Washington – 0.1% |
||||||||
| Washington State Housing Finance Commission (WSHFC 2021-1) |
915 | 908,069 | ||||||
| Series 2021-1, Class X |
916 | 33,963 | ||||||
|
|
|
|||||||
| 942,032 | ||||||||
|
|
|
|||||||
| Wisconsin – 0.2% |
||||||||
| Wisconsin Public Finance Authority (UMA Education, Inc.) |
1,050 | 1,059,650 | ||||||
| 5.00%, 10/01/2027(a) |
1,090 | 1,117,217 | ||||||
| 5.00%, 10/01/2028(a) |
900 | 936,877 | ||||||
| 5.00%, 10/01/2029(a) |
275 | 289,896 | ||||||
|
|
|
|||||||
| 3,403,640 | ||||||||
|
|
|
|||||||
| Total Long-Term Municipal Bonds |
1,184,354,662 | |||||||
|
|
|
|||||||
| Short-Term Municipal Notes – 9.9% |
||||||||
| New York – 9.9% |
||||||||
| Build NYC Resource Corp. (Asia Society/The) |
1,585 | 1,585,000 | ||||||
16
| Principal Amount (000) |
U.S. $ Value | |||||||
| City of Buffalo NY (City of Buffalo NY) |
$ | 5,000 | $ | 5,049,144 | ||||
| City of New Rochelle NY (City of New Rochelle NY) |
8,000 | 8,103,963 | ||||||
| City of New York NY (City of New York NY) |
2,215 | 2,215,000 | ||||||
| Series 2022-A |
3,900 | 3,900,000 | ||||||
| City of Rochester NY (City of Rochester NY) |
3,000 | 3,020,887 | ||||||
| Connetquot Central School District of Islip (Connetquot Central School District of Islip) |
1,000 | 1,005,161 | ||||||
| County of Suffolk NY (County of Suffolk NY) |
11,000 | 11,078,873 | ||||||
| Dutchess County Industrial Development Agency (Marist College) |
1,105 | 1,105,000 | ||||||
| Metropolitan Transportation Authority (Metropolitan Transportation Authority) |
100 | 100,000 | ||||||
| Series 2021-E |
6,710 | 6,710,000 | ||||||
| New York City Housing Development Corp. (201 Pearl LLC) |
250 | 250,000 | ||||||
| New York City Housing Development Corp. (New York City Housing Development) |
1,000 | 1,000,000 | ||||||
| New York State Housing Finance Agency (8 East 102nd Street LLC) |
5,790 | 5,790,000 | ||||||
| New York State Housing Finance Agency (DD 11th Avenue LLC) |
1,075 | 1,075,000 | ||||||
17
| Principal Amount (000) |
U.S. $ Value | |||||||
| New York State Housing Finance Agency (Liberty Street Realty LLC) |
$ | 3,473 | $ | 3,473,000 | ||||
| New York State Housing Finance Agency (New York State Housing Finance Agency) |
7,800 | 7,800,000 | ||||||
| Series 2009 |
400 | 400,000 | ||||||
| Nuveen New York AMT-Free Quality Municipal Income Fund (Nuveen New York AMT-Free Quality Municipal Income Fund) |
7,200 | 7,200,000 | ||||||
| Town of Oyster Bay NY (Town of Oyster Bay NY) |
13,000 | 13,002,358 | ||||||
| 4.00%, 08/21/2026 |
15,150 | 15,273,074 | ||||||
| Series 2026 |
12,000 | 12,215,927 | ||||||
| Town of Tonawanda NY (Town of Tonawanda NY) |
1,770 | 1,783,956 | ||||||
| Triborough Bridge & Tunnel Authority (Triborough Bridge & Tunnel Authority) |
5,125 | 5,154,643 | ||||||
| Trust for Cultural Resources of The City of New York (The) (New York Botanical Garden/The) |
6,385 | 6,385,000 | ||||||
| Trust for Cultural Resources of The City of New York (The) (Pierpont Morgan Library) |
5,465 | 5,465,000 | ||||||
|
|
|
|||||||
| Total Short-Term Municipal Notes |
130,140,986 | |||||||
|
|
|
|||||||
| Total Municipal Obligations |
1,314,495,648 | |||||||
|
|
|
|||||||
| GOVERNMENTS - TREASURIES – 0.2% |
||||||||
| United States – 0.2% |
||||||||
| U.S. Treasury Notes |
2,377 | 2,325,746 | ||||||
|
|
|
|||||||
| ASSET-BACKED SECURITIES – 0.0% |
||||||||
| Autos - Fixed Rate – 0.0% |
||||||||
| Lendbuzz Securitization Trust |
387 | 391,890 | ||||||
|
|
|
|||||||
18
| Principal Amount (000) |
U.S. $ Value | |||||||
| COLLATERALIZED MORTGAGE OBLIGATIONS – 0.0% |
| |||||||
| Risk Share Floating Rate – 0.0% |
| |||||||
| Federal National Mortgage Association Connecticut Avenue Securities |
$ | 1 | $ | 1,142 | ||||
|
|
|
|||||||
| Total Investments – 99.7% |
1,317,214,426 | |||||||
| Other assets less liabilities – 0.3% |
4,045,370 | |||||||
|
|
|
|||||||
| Net Assets – 100.0% |
$ | 1,321,259,796 | ||||||
|
|
|
|||||||
CENTRALLY CLEARED INFLATION (CPI) SWAPS
| Rate Type | ||||||||||||||||||||||||
| Notional Amount |
Termination Date |
Payments made by the Fund |
Payments received by the Fund |
Payment Frequency Paid/ Received |
Market Value |
Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||
| USD | 25,120 | 10/15/2028 | CPI# | 2.565% | Maturity | $ | 55,992 | $ | (49,286 | ) | $ | 105,278 | ||||||||||||
| USD | 22,000 | 10/15/2029 | 2.569% | CPI# | Maturity | (106,372 | ) | 6,107 | (112,479 | ) | ||||||||||||||
| USD | 21,500 | 10/15/2029 | 2.485% | CPI# | Maturity | (15,238 | ) | 86,321 | (101,559 | ) | ||||||||||||||
| USD | 17,177 | 10/15/2029 | 2.516% | CPI# | Maturity | (38,367 | ) | 45,241 | (83,608 | ) | ||||||||||||||
| USD | 17,162 | 10/15/2029 | 2.499% | CPI# | Maturity | (23,978 | ) | 58,203 | (82,181 | ) | ||||||||||||||
| USD | 17,161 | 10/15/2029 | 2.451% | CPI# | Maturity | 16,292 | 94,672 | (78,380 | ) | |||||||||||||||
| USD | 26,380 | 10/15/2030 | CPI# | 2.531% | Maturity | 126,475 | (22,004 | ) | 148,479 | |||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| $ | 14,804 | $ | 219,254 | $ | (204,450 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| # | 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 |
Termination Date |
Payments made by the Fund |
Payments received by the Fund |
Payment Frequency Paid/ Received |
Market Value |
Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||
| USD | 25,000 | 01/15/2027 | 1 Day SOFR | 2.540% | Annual | $ | (234,595 | ) | $ | (205,771 | ) | $ | (28,824 | ) | ||||||||||
| USD | 17,500 | 10/15/2029 | 1 Day SOFR | 3.785% | Annual | 356,615 | 268,150 | 88,465 | ||||||||||||||||
| USD | 7,600 | 10/15/2030 | 1 Day SOFR | 4.082% | Annual | 288,359 | 229,586 | 58,773 | ||||||||||||||||
| USD | 10,400 | 12/02/2032 | 1 Day SOFR | 3.427% | Annual | 44,720 | — | 44,720 | ||||||||||||||||
| USD | 8,200 | 06/15/2034 | 3.543% | 1 Day SOFR | Annual | (25,035 | ) | 29,493 | (54,528 | ) | ||||||||||||||
| USD | 9,620 | 08/15/2034 | 3.314% | 1 Day SOFR | Annual | 138,487 | 200,999 | (62,512 | ) | |||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| $ | 568,551 | $ | 522,457 | $ | 46,094 | |||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
19
INTEREST RATE SWAPS
| Rate Type | ||||||||||||||||||||||||||||||
| Swap Counterparty | Notional Amount (000) |
Termination Date |
Payments made by the Fund |
Payments received by the Fund |
Payment Received |
Market Value |
Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||||
| Citibank, NA | USD | 16,980 | 10/09/2029 | 1.125% | 1 Week SIFMA* | Quarterly | $ | 688,937 | $ | — | $ | 688,937 | ||||||||||||||||||
| * | Variable interest rate based on the Securities Industry & Financial Markets Association (SIFMA) Municipal Swap index. |
| (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 February 28, 2026, the aggregate market value of these securities amounted to $47,528,235 or 3.6% of net assets. |
| (b) | Floating Rate Security. Stated interest/floor/ceiling rate was in effect at February 28, 2026. |
| (c) | Non-income producing security. |
| (d) | Defaulted. |
| (e) | IO - Interest Only. |
| (f) | 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. |
| (g) | When-Issued or delayed delivery security. |
| (h) | As of February 28, 2026, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $23,538,970 and gross unrealized depreciation of investments was $(15,530,742), resulting in net unrealized appreciation of $8,008,228. |
As of February 28, 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 5.5% and 0.0%, respectively.
Glossary:
AG – Assured Guaranty Inc.
AMT – Alternative Minimum Tax (subject to)
CME – Chicago Mercantile Exchange
SOFR – Secured Overnight Financing Rate
XLCA – XL Captial Assurance Inc.
20
AB Active ETFs, Inc.
AB New York Intermediate Municipal ETF
February 28, 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 is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.
Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.
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.
21
The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of February 28, 2026:
| Investments in Securities: |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
| Assets: | ||||||||||||||||||||
| Long-Term Municipal Bonds | $ | — | $ | 1,184,354,662 | $ | — | $ | 1,184,354,662 | ||||||||||||
| Short-Term Municipal Notes | — | 130,140,986 | — | 130,140,986 | ||||||||||||||||
| Governments - Treasuries | — | 2,325,746 | — | 2,325,746 | ||||||||||||||||
| Asset-Backed Securities | — | 391,890 | — | 391,890 | ||||||||||||||||
| Collateralized Mortgage Obligations | — | 1,142 | — | 1,142 | ||||||||||||||||
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| Total Investments in Securities | — | 1,317,214,426 | — | 1,317,214,426 | ||||||||||||||||
| Other Financial Instruments(a): | ||||||||||||||||||||
| Assets: | ||||||||||||||||||||
| Centrally Cleared Inflation (CPI) Swaps | — | 198,759 | — | 198,759 | ||||||||||||||||
| Centrally Cleared Interest Rate Swaps | — | 828,181 | — | 828,181 | ||||||||||||||||
| Interest Rate Swaps | — | 688,937 | — | 688,937 | ||||||||||||||||
| Liabilities: | ||||||||||||||||||||
| Centrally Cleared Inflation (CPI) Swaps | — | (183,955 | ) | — | (183,955 | ) | ||||||||||||||
| Centrally Cleared Interest Rate Swaps | — | (259,630 | ) | — | (259,630 | ) | ||||||||||||||
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| Total | $ | — | $ | 1,318,486,718 | $ | — | $ | 1,318,486,718 | ||||||||||||
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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. |
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