CHS/Community Health Systems Inc

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AB Active ETFs, Inc.

AB High Yield ETF

Portfolio of Investments

February 28, 2026 (unaudited)


	Principal Amount (000)			U.S. $ Value

CORPORATES - NON-INVESTMENT GRADE – 77.4%
Industrial – 68.4%
Basic – 4.3%
Advanced Drainage Systems, Inc. 6.375%, 06/15/2030^(a)		U.S.$	150	$	152,671
Alcoa Nederland Holding BV 4.125%, 03/31/2029^(a)			1,735		1,706,182
Arsenal AIC Parent LLC 11.50%, 10/01/2031^(a)			1,672		1,843,430
ASP Unifrax Holdings, Inc. 7.10% (7.10% Cash or 5.85% Cash and 1.25% PIK), 09/30/2029^{(a) (b)}			281		19,698
11.175% (10.425% Cash or 11.175% PIK or 6.425% Cash and 4.75% PIK), 09/30/2029^{(a) (b) (c)}			706		480,960
Big River Steel LLC/BRS Finance Corp. 6.625%, 01/31/2029^(a)			50		50,373
Cerdia Finanz GmbH 9.375%, 10/03/2031^(a)			200		204,846
Champion Iron Canada, Inc. 7.875%, 07/15/2032^(a)			1,134		1,205,646
Clydesdale Acquisition Holdings, Inc. 8.75%, 04/15/2030^(a)			506		505,383
Commercial Metals Co. 5.75%, 11/15/2033^(a)			227		231,347
Compass Minerals International, Inc. 8.00%, 07/01/2030^(a)			145		153,110
CVR Partners LP/CVR Nitrogen Finance Corp. 6.125%, 06/15/2028^(a)			1,519		1,517,678
Fortescue Treasury Pty Ltd. 5.875%, 04/15/2030^(a)			1,038		1,069,399
GPD Cos., Inc. 12.50% (12.50% Cash and 2.375% PIK), 12/31/2029^{(a) (b)}			49		26,022
Huntsman International LLC 4.50%, 05/01/2029			278		267,511
INEOS Finance PLC 7.25%, 03/31/2031^(a)		EUR	355		371,605
INEOS Quattro Finance 2 PLC 6.75%, 04/15/2030^(a)			141		139,160
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2023^{(d) (e) (f) (g) (h)}		U.S.$	60		0
Novelis Corp. 4.75%, 01/30/2030^(a)			868		841,179
Olympus Water US Holding Corp. 6.75%, 08/01/2032^(a)			327		322,268
7.25%, 06/15/2031^(a)			310		317,322
Rain Carbon, Inc. 12.25%, 09/01/2029^(a)			64		68,187
Roller Bearing Co. of America, Inc. 4.375%, 10/15/2029^(a)			408		402,729


	Principal Amount (000)			U.S. $ Value

SunCoke Energy, Inc. 4.875%, 06/30/2029^(a)		U.S.$	68	$	62,126
Vibrantz Technologies, Inc. 9.00%, 02/15/2030^(a)			127		33,063
WR Grace Holdings LLC 5.625%, 08/15/2029^(a)			136		130,302
6.625%, 08/15/2032^(a)			1,588		1,605,103
7.00%, 08/01/2033^(a)			12		12,209

					13,739,509


Capital Goods – 6.4%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 5.00%, 01/30/2031^(a)		EUR	177		214,355
Artera Services LLC 8.50%, 02/15/2031^(a)		U.S.$	93		77,422
Biffa Group Holdings Ltd. 5.25%, 06/15/2031^(a)		EUR	358		427,349
Bombardier, Inc. 6.00%, 02/15/2028^(a)		U.S.$	101		101,014
7.25%, 07/01/2031^(a)			413		439,015
7.45%, 05/01/2034^(a)			227		254,896
7.50%, 02/01/2029^(a)			121		125,899
8.75%, 11/15/2030^(a)			1,007		1,078,477
Calderys Financing LLC 11.25%, 06/01/2028^(a)			307		319,255
Camelot Return Merger Sub, Inc. 8.75%, 08/01/2028^(a)			798		602,051
Clean Harbors, Inc. 6.375%, 02/01/2031^(a)			294		301,765
Columbus McKinnon Corp./NY 7.125%, 02/01/2033^(a)			532		548,412
Cornerstone Building Brands, Inc. 9.50%, 08/15/2029^(a)			120		87,361
Dycom Industries, Inc. 4.50%, 04/15/2029^(a)			91		89,620
Efesto Bidco SpA Efesto US LLC Series XR 7.50%, 02/15/2032^(a)			1,339		1,372,837
EnerSys 4.375%, 12/15/2027^(a)			80		79,666
Esab Corp. 6.25%, 04/15/2029^(a)			1,298		1,332,345
GFL Environmental, Inc. 4.00%, 08/01/2028^(a)			50		49,219
4.375%, 08/15/2029^(a)			438		429,915
Griffon Corp. 5.75%, 03/01/2028			408		407,612
LSB Industries, Inc. 6.25%, 10/15/2028^(a) (c)			764		767,461


	Principal Amount (000)			U.S. $ Value

Luna 2 5SARL 5.50%, 07/01/2032^(a)		EUR	125	$	149,878
Madison IAQ LLC 5.875%, 06/30/2029^(a)		U.S.$	1,600		1,596,544
Maxam Prill SARL 7.75%, 07/15/2030^(a)			483		505,131
Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC 6.75%, 04/01/2032^(a)			217		218,887
MIWD Holdco II LLC/MIWD Finance Corp. 5.50%, 02/01/2030^(a)			1,358		1,271,332
Moog, Inc. 4.25%, 12/15/2027^(a)			894		890,004
Mueller Water Products, Inc. 4.00%, 06/15/2029^(a)			1,288		1,251,253
Terex Corp. 5.00%, 05/15/2029^(a)			178		177,884
TransDigm, Inc. 6.125%, 07/31/2034^(a)			1,677		1,703,463
6.375%, 03/01/2029^(a)			2,195		2,256,877
6.75%, 08/15/2028^(a)			690		702,206
Waste Pro USA, Inc. 7.00%, 02/01/2033^(a)			211		219,719
WESCO Distribution, Inc. 5.25%, 04/15/2031^(a)			300		300,954
7.25%, 06/15/2028^(a)			124		124,941

					20,475,019


Communications - Media – 6.1%
AMC Networks, Inc. 10.25%, 01/15/2029^(a)			166		178,048
Arches Buyer, Inc. 6.125%, 12/01/2028^(a)			617		581,782
Clear Channel Outdoor Holdings, Inc. 7.125%, 02/15/2031^(a)			445		470,125
CSC Holdings LLC 4.50%, 11/15/2031^(a)			199		119,428
4.625%, 12/01/2030^(a)			678		250,901
5.375%, 02/01/2028^(a)			298		214,596
5.50%, 04/15/2027^(a)			356		301,183
5.75%, 01/15/2030^(a)			400		154,744
6.50%, 02/01/2029^(a)			351		221,534
7.50%, 04/01/2028^(a)			200		112,440
11.25%, 05/15/2028^(a)			449		355,648
11.75%, 01/31/2029^(a)			505		359,903
DIRECTV Financing LLC 8.875%, 02/01/2030^(a)			140		140,335
DIRECTV Financing LLC/Directv Financing Co-Obligor, Inc. 5.875%, 08/15/2027^(a)			410		410,799
10.00%, 02/15/2031^(a)			725		741,537


	Principal Amount (000)			U.S. $ Value

Discovery Communications LLC 3.625%, 05/15/2030		U.S.$	442	$	428,599
Discovery Global Holdings, Inc. 5.05%, 03/15/2042			2,151		1,511,314
5.141%, 03/15/2052			147		96,526
DISH DBS Corp. 5.125%, 06/01/2029			687		611,567
5.25%, 12/01/2026^(a)			1,276		1,239,825
5.75%, 12/01/2028^(a)			447		432,933
EW Scripps Co. (The) 9.875%, 08/15/2030^(a)			201		203,121
Gray Media, Inc. 4.75%, 10/15/2030^(a)			185		150,037
5.375%, 11/15/2031^(a)			17		13,433
7.25%, 08/15/2033^(a)			311		321,235
9.625%, 07/15/2032^(a)			676		702,452
iHeartCommunications, Inc. 9.125%, 05/01/2029^(a)			232		206,038
LCPR Senior Secured Financing DAC 5.125%, 07/15/2029^(a)			654		443,569
6.75%, 10/15/2027^(a)			400		279,972
McGraw-Hill Education, Inc. 5.75%, 08/01/2028^(a)			1,144		1,143,474
Millennium Escrow Corp. 6.625%, 08/01/2026^(a)			1,082		1,037,919
National CineMedia, Inc. 5.75%, 08/15/2026^{(e) (f) (h) (i)}			21		0
Neptune Bidco US, Inc. 9.29%, 04/15/2029^(a)			1,552		1,556,703
Paramount Global 6.375%, 03/30/2062			385		310,487
Sinclair Television Group, Inc. 5.50%, 03/01/2030^(a)			142		127,178
8.125%, 02/15/2033^(a)			443		461,225
Snap, Inc. 6.875%, 03/15/2034^(a)			377		376,295
Summer BC Holdco B SARL 5.875%, 02/15/2030^(a)		EUR	113		113,219
Veritiv Operating Co. 10.50%, 11/30/2030^(a)		U.S.$	199		213,266
Versant Media Group, Inc. 7.25%, 01/30/2031^(a)			1,379		1,411,586
Virgin Media Finance PLC 5.00%, 07/15/2030^(a)			832		698,131
Virgin Media O2 Vendor Financing Notes VI DAC 8.50%, 03/15/2033^(a)			578		531,847

					19,234,954


	Principal Amount (000)		U.S. $ Value

Communications - Telecommunications – 2.3%
Altice Financing SA 5.75%, 08/15/2029^(a)	U.S.$	261	$	181,468
Altice France Lux 3/Altice Holdings 1 10.00%, 01/15/2033^(g)		50		47,423
Altice France SA 6.50%, 04/15/2032^(a)		488		466,464
6.875%, 10/15/2030^(a)		507		491,533
6.875%, 07/15/2032^(a)		564		541,481
9.50%, 11/01/2029^(a)		270		273,829
Connect Finco SARL/Connect US Finco LLC 9.00%, 09/15/2029^(a)		200		212,184
EchoStar Corp. 6.75% (6.75% Cash or 6.75% PIK), 11/30/2030^{(b) (c)}		746		756,592
10.75%, 11/30/2029		689		752,912
Fibercop SpA 6.00%, 09/30/2034^(a)		640		629,453
7.20%, 07/18/2036^(a)		564		573,943
7.721%, 06/04/2038^(a)		405		416,044
Series 2033 6.375%, 11/15/2033^(a)		200		203,218
GCI LLC 4.75%, 10/15/2028^(a)		200		196,636
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC 8.625%, 06/15/2032^(a)		446		452,008
Viasat, Inc. 6.50%, 07/15/2028^(a)		22		21,731
7.50%, 05/30/2031^(a)		128		126,411
Vmed O2 UK Financing I PLC 4.25%, 01/31/2031^(a)		238		209,792
4.75%, 07/15/2031^(a)		200		177,848
Windstream Services LLC/Windstream Escrow Finance Corp. 8.25%, 10/01/2031^(a)		456		479,539

				7,210,509


Consumer Cyclical - Automotive – 3.2%
Adient Global Holdings Ltd. 7.50%, 02/15/2033^(a)		96		100,499
8.25%, 04/15/2031^(a)		928		969,741
Aston Martin Capital Holdings Ltd. 10.00%, 03/31/2029^(a)		1,270		1,029,525
Clarios Global LP/Clarios US Finance Co. 6.75%, 09/15/2032^(a)		170		176,477
Exide Technologies (Exchange Priority) 11.00%, 10/31/2024^{(d) (e) (f) (g) (h) (i)}		32		0
Exide Technologies (First Lien) 11.00%, 10/31/2024^{(d) (e) (f) (g) (h) (i)}		13		0
Goodyear Tire & Rubber Co. (The) 5.00%, 07/15/2029		676		662,500
5.25%, 07/15/2031		528		503,073
5.625%, 04/30/2033		502		475,545
6.625%, 07/15/2030		382		390,247


	Principal Amount (000)			U.S. $ Value

IHO Verwaltungs GmbH 6.75% (6.75% Cash or 7.50% PIK), 11/15/2029^{(a) (b)}		EUR	144	$	179,498
7.75% (7.75% Cash or 8.50% PIK), 11/15/2030^{(a) (b)}		U.S.$	200		210,208
JB Poindexter & Co., Inc. 8.75%, 12/15/2031^(a)			150		155,585
New Flyer Holdings, Inc. 9.25%, 07/01/2030^(a)			102		110,210
Nissan Motor Acceptance Co. LLC 2.75%, 03/09/2028^(a)			211		201,138
6.125%, 09/30/2030^(a)			153		153,341
7.05%, 09/15/2028^(a)			1,767		1,835,489
Nissan Motor Co., Ltd. 4.81%, 09/17/2030^(a)			1,062		1,009,920
8.125%, 07/17/2035^(a)			606		660,298
PM General Purchaser LLC 9.50%, 10/01/2028^(a)			672		629,247
Tenneco, Inc. 8.00%, 11/17/2028^(a)			814		814,008
Titan International, Inc. 7.00%, 04/30/2028			17		17,027

					10,283,576


Consumer Cyclical - Entertainment – 1.8%
Boyne USA, Inc. 4.75%, 05/15/2029^(a)			755		749,526
Lindblad Expeditions LLC 7.00%, 09/15/2030^(a)			1,177		1,233,449
Live Nation Entertainment, Inc. 6.50%, 05/15/2027^(a)			262		263,307
NCL Corp., Ltd. 5.875%, 01/15/2031^(a)			552		556,411
6.75%, 02/01/2032^(a)			285		293,245
Patrick Industries, Inc. 6.375%, 11/01/2032^(a)			162		166,363
SeaWorld Parks & Entertainment, Inc. 5.25%, 08/15/2029^(a)			1,377		1,335,938
Six Flags Entertainment Corp. 7.25%, 05/15/2031^(a)			869		853,480
Viking Cruises Ltd. 5.875%, 10/15/2033^(a)			196		199,961
7.00%, 02/15/2029^(a)			50		50,071
9.125%, 07/15/2031^(a)			121		128,659

					5,830,410


Consumer Cyclical - Other – 7.1%
Affinity Interactive 6.875%, 12/15/2027^(a)			59		36,244
Allwyn Entertainment Financing UK PLC 7.875%, 04/30/2029^(a)			438		455,165


	Principal Amount (000)			U.S. $ Value

AmeriTex HoldCo Intermediate LLC 7.625%, 08/15/2033^(a)		U.S.$	634	$	664,984
Ashton Woods USA LLC/Ashton Woods Finance Co. 6.875%, 08/01/2033^(a)			216		218,441
Betclic Everest Group SAS 5.125%, 12/10/2031^(a)		EUR	243		292,324
Brightstar Lottery PLC/Brightstar Global Solutions Corp. 5.75%, 01/15/2033^(a)		U.S.$	449		446,701
Brookfield Residential Properties, Inc./Brookfield Residential US LLC 4.875%, 02/15/2030^(a)			1,187		1,116,587
Builders FirstSource, Inc. 5.00%, 03/01/2030^(a)			1,667		1,656,531
Caesars Entertainment, Inc. 4.625%, 10/15/2029^(a)			533		521,066
6.00%, 10/15/2032^(a)			124		121,210
CD&R Smokey Buyer, Inc./Radio Systems Corp. 9.50%, 10/15/2029^(a)			222		182,677
Churchill Downs, Inc. 5.50%, 04/01/2027^(a)			106		106,046
5.75%, 04/01/2030^(a)			1,512		1,524,126
Cirsa Finance International SARL 6.50%, 03/15/2029^(a)		EUR	220		268,843
CP Atlas Buyer, Inc. 9.75%, 07/15/2030^(a)		U.S.$	790		790,348
Great Canadian Gaming Corp./Raptor LLC 8.75%, 11/15/2029^(a)			1,469		1,493,062
Hilton Domestic Operating Co., Inc. 3.75%, 05/01/2029^(a)			729		710,199
5.875%, 04/01/2029^(a)			419		428,784
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. 4.875%, 07/01/2031^(a)			516		485,107
5.00%, 06/01/2029^(a)			1,093		1,067,107
6.625%, 01/15/2032^(a)			211		215,387
Installed Building Products, Inc. 5.625%, 02/01/2034^(a)			117		118,695
Jacobs Entertainment, Inc. 6.75%, 02/15/2029^(a)			100		98,309
K Hovnanian Enterprises, Inc. 8.00%, 04/01/2031^(a)			189		194,570
Marriott Ownership Resorts, Inc. 4.50%, 06/15/2029^(a)			1,371		1,322,535
6.50%, 10/01/2033^(a)			249		241,169
Masterbrand, Inc. 7.00%, 07/15/2032^(a)			538		541,303


	Principal Amount (000)			U.S. $ Value

Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC 8.25%, 04/15/2030^(a)		U.S.$	311	$	324,245
11.875%, 04/15/2031^(a)			290		307,473
Standard Building Solutions, Inc. 6.25%, 08/01/2033^(a)			266		270,876
6.50%, 08/15/2032^(a)			415		427,541
Standard Industries, Inc./NY 3.375%, 01/15/2031^(a)			227		209,662
4.375%, 07/15/2030^(a)			789		761,338
4.75%, 01/15/2028^(a)			779		777,068
Station Casinos LLC 4.50%, 02/15/2028^(a)			1,138		1,135,109
Taylor Morrison Communities, Inc. 5.75%, 01/15/2028^(a)			434		442,858
Thor Industries, Inc. 4.00%, 10/15/2029^(a)			295		283,542
Travel & Leisure Co. 4.50%, 12/01/2029^(a)			478		468,297
4.625%, 03/01/2030^(a)			12		11,717
6.00%, 04/01/2027^(c)			55		55,677
6.625%, 07/31/2026^(a)			473		474,391
Wyndham Hotels & Resorts, Inc. 4.375%, 08/15/2028^(a)			1,249		1,239,632

					22,506,946


Consumer Cyclical - Restaurants – 0.7%
1011778 BC ULC/New Red Finance, Inc. 4.00%, 10/15/2030^(a)			366		351,854
4.375%, 01/15/2028^(a)			1,363		1,356,294
BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. 9.50%, 07/01/2032^(a)			104		95,828
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. 4.625%, 01/15/2029^(a)			404		392,034
Papa John’s International, Inc. 3.875%, 09/15/2029^(a)			22		20,860

					2,216,870


Consumer Cyclical - Retailers – 5.3%
Advance Auto Parts, Inc. 7.00%, 08/01/2030^(a)			1,856		1,902,883
7.375%, 08/01/2033^(a)			267		273,592
Arko Corp. 5.125%, 11/15/2029^(a)			76		67,784
Asbury Automotive Group, Inc. 4.625%, 11/15/2029^(a)			1,258		1,239,331
Beach Acquisition Bidco LLC 5.25%, 07/15/2032^(a)		EUR	229		277,089
Boots Group Finco LP 5.375%, 08/31/2032^(a)			421		516,933


	Principal Amount (000)			U.S. $ Value

Carvana Co. 5.50%, 04/15/2027^(a)		U.S.$	39	$	38,041
9.00%, 06/01/2030^{(a) (b) (c)}			824		858,162
9.00%, 06/01/2031^{(a) (b) (c)}			1,093		1,197,785
Champ Acquisition Corp. 8.375%, 12/01/2031^(a)			68		72,586
FirstCash, Inc. 4.625%, 09/01/2028^(a)			6		5,931
Gap, Inc. (The) 3.625%, 10/01/2029^(a)			338		321,347
Gee Automotive Holdings LLC 7.25%, 03/01/2031^(a)			174		176,812
Global Auto Holdings Ltd./AAG FH UK Ltd. 8.375%, 01/15/2029^(a)			318		304,138
8.75%, 01/15/2032^(a)			668		617,873
11.50%, 08/15/2029^(a)			255		260,483
Group 1 Automotive, Inc. 4.00%, 08/15/2028^(a)			833		816,748
LCM Investments Holdings II LLC 4.875%, 05/01/2029^(a)			1,703		1,679,379
Michaels Cos., Inc. (The) 5.25%, 05/01/2028^(a)			127		127,000
7.875%, 05/01/2029^(a)			153		153,632
Murphy Oil USA, Inc. 3.75%, 02/15/2031^(a)			411		387,179
Park River Holdings, Inc. 8.00%, 03/15/2031^(a)			152		152,874
Penske Automotive Group, Inc. 3.75%, 06/15/2029			715		691,405
PetSmart LLC/PetSmart Finance Corp. 7.50%, 09/15/2032^(a)			748		756,961
QXO Building Products, Inc. 6.75%, 04/30/2032^(a)			793		821,849
Sally Holdings LLC/Sally Capital, Inc. 6.75%, 03/01/2032			125		129,768
Specialty Building Products Holdings LLC/SBP Finance Corp. 7.75%, 10/15/2029^(a)			1,331		1,295,209
Staples, Inc. 10.75%, 09/01/2029^(a)			1,120		1,031,531
12.75%, 01/15/2030^(a)			254		178,286
William Carter Co. (The) 7.375%, 02/15/2031^(a)			396		407,464

					16,760,055


Consumer Non-Cyclical – 8.5%
Acadia Healthcare Co., Inc. 5.00%, 04/15/2029^(a)			150		146,880
Accendra Health, Inc. 6.625%, 04/01/2030^(a)			88		42,703
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.50%, 03/15/2029^(a)			416		401,344


	Principal Amount (000)			U.S. $ Value

Bausch & Lomb Corp. 8.375%, 10/01/2028^(a)		U.S.$	832	$	864,531
Bausch Health Americas, Inc. 8.50%, 01/31/2027^(a)			59		58,526
Bausch Health Cos., Inc. 4.875%, 06/01/2028^(a)			261		242,466
11.00%, 09/30/2028^(a)			622		650,226
BioMarin Pharmaceutical, Inc. 5.50%, 02/15/2034^(a)			281		283,450
CHS/Community Health Systems, Inc. 4.75%, 02/15/2031^(a)			155		142,248
5.25%, 05/15/2030^(a)			1,286		1,235,975
6.00%, 01/15/2029^(a)			20		19,961
6.875%, 04/15/2029^(a)			423		408,216
9.75%, 01/15/2034^(a)			250		263,390
10.875%, 01/15/2032^(a)			1,202		1,304,386
CVS Health Corp. 6.75%, 12/10/2054			33		34,402
7.00%, 03/10/2055			495		520,676
Darling Ingredients, Inc. 6.00%, 06/15/2030^(a)			221		223,944
Embecta Corp. 5.00%, 02/15/2030^(a)			1,376		1,293,371
Emergent BioSolutions, Inc. 3.875%, 08/15/2028^(a)			747		653,655
Fiesta Purchaser, Inc. 7.875%, 03/01/2031^(a)			198		204,033
Genmab A/S/Genmab Finance LLC 6.25%, 12/15/2032^(a)			748		776,342
7.25%, 12/15/2033^(a)			163		172,928
Grifols SA 3.875%, 10/15/2028^(a)		EUR	312		366,172
4.75%, 10/15/2028^(a)		U.S.$	469		462,523
Gruppo San Donato SpA 6.50%, 10/31/2031^(a)		EUR	335		402,650
Insulet Corp. 6.50%, 04/01/2033^(a)		U.S.$	414		430,208
IQVIA, Inc. 5.00%, 10/15/2026^(a)			400		399,564
5.00%, 05/15/2027^(a)			197		196,582
Kedrion SpA 6.50%, 09/01/2029^(a)			350		341,775
KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc. 9.00%, 02/15/2029^(a)			206		216,121
LifePoint Health, Inc. 9.875%, 08/15/2030^(a)			632		675,937
10.00%, 06/01/2032^(a)			198		207,405
11.00%, 10/15/2030^(a)			1,146		1,245,175
Mehilainen Yhtiot Oy 5.125%, 06/30/2032^(a)		EUR	261		314,107


	Principal Amount (000)			U.S. $ Value

ModivCare, Inc. 5.00%, 10/01/2029^{(c) (f) (g) (h) (j)}		U.S.$	459	$	597
MPH Acquisition Holdings LLC 5.75%, 12/31/2030^(a)			291		213,535
6.75% (6.00% Cash and 0.75% PIK), 03/31/2031^{(a) (b) (c)}			303		191,822
11.50% (6.50% Cash and 5.00% PIK), 12/31/2030^{(a) (b) (c)}			144		140,507
Neogen Food Safety Corp. 8.625%, 07/20/2030^(a)			111		118,700
Newell Brands, Inc. 8.50%, 06/01/2028^(a)			247		259,970
Organon & Co./Organon Foreign Debt Co-Issuer BV 4.125%, 04/30/2028^(a)			865		848,738
5.125%, 04/30/2031^(a)			200		177,378
7.875%, 05/15/2034^(a)			440		409,983
Paradigm Parent LLC & Paradigm Parent CO-Issuer, Inc. 8.75%, 04/17/2032^(a)			1,385		1,201,377
Perrigo Finance Unlimited Co. 5.15%, 06/15/2030^(c)			317		306,764
Post Holdings, Inc. 6.25%, 02/15/2032^(a)			490		504,122
Select Medical Corp. 6.25%, 12/01/2032^(a)			223		217,499
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed 4.625%, 03/01/2029^(a)			100		96,306
Surgery Center Holdings, Inc. 7.25%, 04/15/2032^(a)			1,538		1,536,108
Tenet Healthcare Corp. 4.25%, 06/01/2029			1,739		1,710,481
4.375%, 01/15/2030			697		684,161
US Foods, Inc. 4.75%, 02/15/2029^(a)			1,838		1,828,424
6.875%, 09/15/2028^(a)			208		214,494
Whirlpool Corp. 6.125%, 06/15/2030			1,234		1,237,887

					27,100,725


Energy – 11.3%
Ascent Resources Utica Holdings LLC/ARU Finance Corp. 5.875%, 06/30/2029^(a)			132		132,359
BKV Upstream Midstream LLC 7.50%, 10/15/2030^(a)			104		105,862
Blue Racer Midstream LLC/Blue Racer Finance Corp. 7.00%, 07/15/2029^(a)			491		511,160


	Principal Amount (000)			U.S. $ Value

Buckeye Partners LP 4.50%, 03/01/2028^(a)		U.S.$	996	$	993,928
6.75%, 02/01/2030^(a)			188		196,280
6.875%, 07/01/2029^(a)			358		371,411
California Resources Corp. 8.25%, 06/15/2029^(a)			246		258,015
Caturus Energy LLC 8.50%, 02/15/2030^(a)			100		104,515
Chord Energy Corp. 6.75%, 03/15/2033^(a)			505		523,847
CITGO Petroleum Corp. 8.375%, 01/15/2029^(a)			227		235,719
CNX Resources Corp. 7.25%, 03/01/2032^(a)			406		425,500
7.375%, 01/15/2031^(a)			334		345,964
Comstock Resources, Inc. 5.875%, 01/15/2030^(a)			224		215,947
6.75%, 03/01/2029^(a)			1,180		1,176,354
CQP Holdco LP/BIP-V Chinook Holdco LLC 5.50%, 06/15/2031^(a)			1,588		1,580,108
Crescent Energy Finance LLC 7.375%, 01/15/2033^(a)			448		445,218
7.625%, 04/01/2032^(a)			28		28,297
7.875%, 04/15/2032^(a)			842		856,053
CVR Energy, Inc. 7.50%, 02/15/2031^(a)			276		275,031
7.875%, 02/15/2034^(a)			184		180,346
Delek Logistics Partners LP/Delek Logistics Finance Corp. 7.375%, 06/30/2033^(a)			378		391,151
8.625%, 03/15/2029^(a)			1,244		1,299,669
Excelerate Energy LP 8.00%, 05/15/2030^(a)			397		420,836
Genesis Energy LP/Genesis Energy Finance Corp. 7.875%, 05/15/2032			441		461,370
8.00%, 05/15/2033			796		840,528
Global Partners LP/GLP Finance Corp. 8.25%, 01/15/2032^(a)			1,229		1,296,472
Harvest Midstream I LP 7.50%, 09/01/2028^(a)			354		358,560
7.50%, 05/15/2032^(a)			942		976,185
Hilcorp Energy I LP/Hilcorp Finance Co. 5.75%, 02/01/2029^(a)			1,162		1,164,951
6.00%, 04/15/2030^(a)			305		300,669
6.00%, 02/01/2031^(a)			324		316,046
Ithaca Energy North Sea PLC 8.125%, 10/15/2029^(a)			200		210,382
ITT Holdings LLC 6.50%, 08/01/2029^(a)			464		450,966
Kraken Oil & Gas Partners LLC 7.625%, 08/15/2029^(a)			68		68,942


	Principal Amount (000)			U.S. $ Value

Matador Resources Co. 6.875%, 04/15/2028^(a)		U.S.$	611	$	623,470
Nabors Industries, Inc. 9.125%, 01/31/2030^(a)			223		234,554
NFE Financing LLC 12.00%, 11/15/2029^{(f) (g) (j)}			1,412		510,525
Northriver Midstream Finance LP 6.75%, 07/15/2032^(a)			127		130,565
NuStar Logistics LP 5.625%, 04/28/2027			1,036		1,045,790
6.00%, 06/01/2026			286		286,040
PBF Holding Co. LLC/PBF Finance Corp. 7.875%, 09/15/2030^(a)			39		39,014
9.875%, 03/15/2030^(a)			357		378,549
SM Energy Co. 6.75%, 08/01/2029^(a)			1,646		1,683,479
8.375%, 07/01/2028^(a)			572		591,173
8.625%, 11/01/2030^(a)			858		908,176
8.75%, 07/01/2031^(a)			179		187,687
9.625%, 06/15/2033^(a)			459		507,424
Sunoco LP 4.625%, 05/01/2030^(a)			347		339,262
5.375%, 07/15/2031^(a)			137		137,222
5.625%, 03/15/2031^(a)			376		379,365
6.625%, 08/15/2032^(a)			195		201,833
7.00%, 05/01/2029^(a)			613		636,024
7.875%, 09/18/2030^{(a) (k)}			261		270,547
Sunoco LP/Sunoco Finance Corp. 4.50%, 04/30/2030			220		215,356
5.875%, 03/15/2028			16		16,001
6.00%, 04/15/2027			888		888,790
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 5.50%, 01/15/2028^(a)			1		999
7.375%, 02/15/2029^(a)			290		300,643
Talos Production, Inc. 9.00%, 02/01/2029^(a)			55		57,273
9.375%, 02/01/2031^(a)			1,361		1,447,628
TGNR Intermediate Holdings LLC 5.50%, 10/15/2029^(a)			150		148,242
Transocean Aquila Ltd. 8.00%, 09/30/2028^(a)			81		83,037
Transocean International Ltd. 7.875%, 10/15/2032^(a)			116		124,402
8.75%, 02/15/2030^(a)			187		195,413
Venture Global LNG, Inc. 8.125%, 06/01/2028^(a)			315		323,244
8.375%, 06/01/2031^(a)			140		143,304
9.00%, 09/30/2029^{(a) (k)}			375		327,840
9.875%, 02/01/2032^(a)			1,763		1,868,251


	Principal Amount (000)			U.S. $ Value

Venture Global Plaquemines LNG LLC 6.125%, 12/15/2030^(a)		U.S.$	1,241	$	1,288,940
6.50%, 06/15/2034^(a)			563		592,242
7.75%, 05/01/2035^(a)			782		887,421
Vermilion Energy, Inc. 6.875%, 05/01/2030^(a)			32		32,324
Viridien 10.00%, 10/15/2030^(a)			200		214,442
WBI Operating LLC 6.25%, 10/15/2030^(a)			211		214,895
Wildfire Intermediate Holdings LLC 7.50%, 10/15/2029^(a)			78		80,062

					36,060,089


Other Industrial – 1.0%
Belden, Inc. 3.375%, 07/15/2031^(a)		EUR	153		176,807
Clue Opco LLC 9.50%, 10/15/2031^(a)		U.S.$	152		157,635
Dealer Tire LLC/DT Issuer LLC 8.00%, 02/01/2028^(a)			603		596,970
Multiversity SpA 6.276% (EURIBOR 3 Month + 4.25%), 05/17/2031^{(a) (l)}		EUR	100		117,259
7.125%, 05/17/2031^(a)			125		152,967
RB Global Holdings, Inc. 7.75%, 03/15/2031^(a)		U.S.$	337		350,311
Stena International SA 7.25%, 01/15/2031^(a)			400		411,476
Velocity Vehicle Group LLC 8.00%, 06/01/2029^(a)			1,182		1,121,009

					3,084,434


Services – 4.5%
Allied Universal Holdco LLC 7.875%, 02/15/2031^(a)			1,026		1,083,907
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL 4.625%, 06/01/2028^(a)			1,398		1,384,066
4.875%, 06/01/2028^(a)		GBP	100		132,914
ANGI Group LLC 3.875%, 08/15/2028^(a)		U.S.$	1,577		1,415,452
Belron UK Finance PLC 5.75%, 10/15/2029^(a)			1,393		1,424,384
Clarivate Science Holdings Corp. 4.875%, 07/01/2029^(a)			1,689		1,387,818
Deepocean Ltd. 6.00%, 04/08/2031^(a)		EUR	221		271,542
Garda World Security Corp. 6.00%, 06/01/2029^(a)		U.S.$	1,245		1,220,125
6.50%, 01/15/2031^(a)			107		109,704
8.25%, 08/01/2032^(a)			518		529,132
8.375%, 11/15/2032^(a)			124		126,930


	Principal Amount (000)			U.S. $ Value

ION Platform Finance US, Inc./ION Platform Finance SARL 8.75%, 05/01/2029^(a)		U.S.$	200	$	185,940
Monitronics International, Inc. 9.125%, 04/01/2020^{(d) (e) (f) (h) (i)}			14		0
Prime Security Services Borrower LLC/Prime Finance, Inc. 3.375%, 08/31/2027^(a)			1,368		1,346,591
5.75%, 04/15/2026^(a)			45		45,086
Rakuten Group, Inc. 9.75%, 04/15/2029^(a)			542		602,054
Raven Acquisition Holdings LLC 6.875%, 11/15/2031^(a)			541		519,917
Sabre GLBL, Inc. 10.75%, 11/15/2029^(a)			238		175,703
10.75%, 03/15/2030^(a)			303		219,617
11.125%, 07/15/2030^(a)			927		672,112
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. 5.50%, 05/15/2033^(a)		EUR	412		479,852
Sotheby’s 7.375%, 10/15/2027^(a)		U.S.$	386		383,337
Techem Verwaltungsgesellschaft 675 mbH 5.375%, 07/15/2029^(a)		EUR	178		215,717
TriNet Group, Inc. 3.50%, 03/01/2029^(a)		U.S.$	202		181,331
VT Topco, Inc. 8.50%, 08/15/2030^(a)			104		103,395

					14,216,626


Technology – 3.1%
Almaviva-The Italian Innovation Co. SpA 5.00%, 10/30/2030^(a)		EUR	206		235,249
ASGN, Inc. 4.625%, 05/15/2028^(a)		U.S.$	118		114,441
AthenaHealth Group, Inc. 6.50%, 02/15/2030^(a)			28		26,326
Cloud Software Group, Inc. 6.50%, 03/31/2029^(a)			1,195		1,171,757
6.625%, 08/15/2033^(a)			153		144,391
8.25%, 06/30/2032^(a)			861		861,758
Consensus Cloud Solutions, Inc. 6.50%, 10/15/2028^(a)			72		71,492
CoreWeave, Inc. 9.25%, 06/01/2030^(a)			800		783,464
Dye & Durham Ltd. 8.625%, 04/15/2029^(a)			105		87,498
Ellucian Holdings, Inc. 6.50%, 12/01/2029^(a)			1,107		1,085,480


	Principal Amount (000)			U.S. $ Value

Fortress Intermediate 3, Inc. 7.50%, 06/01/2031^(a)		U.S.$	530	$	518,255
Gen Digital, Inc. 6.75%, 09/30/2027^(a)			1,446		1,459,809
7.125%, 09/30/2030^(a)			207		209,989
GoTo Group, Inc. 5.50%, 05/01/2028^(a)			218		142,295
IPD 3 BV 5.50%, 06/15/2031^(a)		EUR	159		177,964
MKS, Inc. 4.25%, 02/15/2034^(a)			389		458,291
Pagaya US Holdings Co. LLC 8.875%, 08/01/2030^(a)		U.S.$	200		143,914
Playtika Holding Corp. 4.25%, 03/15/2029^(a)			739		582,199
Rackspace Finance LLC 3.50%, 05/15/2028^(a)			526		213,892
Rackspace Technology Global, Inc. 5.375%, 12/01/2028^(a)			109		34,863
Rocket Software, Inc. 9.00%, 11/28/2028^(a)			635		620,820
TeamSystem SpA 5.00%, 07/01/2031^(a)		EUR	322		356,283
TTM Technologies, Inc. 4.00%, 03/01/2029^(a)		U.S.$	111		107,707
Virtusa Corp. 7.125%, 12/15/2028^(a)			50		43,756
WULF Compute LLC 7.75%, 10/15/2030^(a)			334		353,639

					10,005,532


Transportation - Airlines – 0.9%
Allegiant Travel Co. 7.25%, 08/15/2027^(a)			648		654,072
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.50%, 04/20/2026^(a)			24		23,749
5.75%, 04/20/2029^(a)			1,930		1,952,658
JetBlue Airways Corp./JetBlue Loyalty LP 9.875%, 09/20/2031^(a)			189		191,859

					2,822,338


Transportation - Services – 1.9%
Albion Financing 1 SARL/Aggreko Holdings, Inc. 5.375%, 05/21/2030^(a)		EUR	158		193,561
Alta Equipment Group, Inc. 9.00%, 06/01/2029^(a)		U.S.$	50		47,396
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 4.75%, 04/01/2028^(a)			1,145		1,119,466
5.375%, 03/01/2029^(a)			890		852,308
5.75%, 07/15/2027^(a)			6		5,989


	Principal Amount (000)			U.S. $ Value

Beacon Mobility Corp. 7.25%, 08/01/2030^(a)		U.S.$	1,119	$	1,172,869
Danaos Corp. 6.875%, 10/15/2032^(a)			259		267,700
Dcli Bidco LLC 7.75%, 11/15/2029^(a)			140		143,553
Edge Finco PLC 8.125%, 08/15/2031^(a)		GBP	134		192,850
Hertz Corp. (The) 4.625%, 12/01/2026^(a)		U.S.$	114		103,960
Kapla Holding SAS 5.00%, 04/30/2031^(a)		EUR	359		432,332
NESCO Holdings II, Inc. 5.50%, 04/15/2029^(a)		U.S.$	168		167,274
PROG Holdings, Inc. 6.00%, 11/15/2029^(a)			918		901,265
Rand Parent LLC 8.50%, 02/15/2030^(a)			179		186,813
Synergy Infrastructure Holdings LLC 7.875%, 12/01/2030^(a)			115		120,011
Upbound Group, Inc. 6.375%, 02/15/2029^(a)			82		80,959

					5,988,306

					217,535,898


Financial Institutions – 8.4%
Banking – 0.3%
Ally Financial, Inc. Series C 4.70%, 05/15/2028^(k)			28		26,488
Armor Holdco, Inc. 8.50%, 11/15/2029^(a)			151		150,934
Bread Financial Holdings, Inc. 6.75%, 05/15/2031^(a)			569		580,687
8.375%, 06/15/2035^(a)			243		247,692
Freedom Mortgage Corp. 12.25%, 10/01/2030^(a)			29		31,549

					1,037,350


Brokerage – 1.3%
Aretec Group, Inc. 7.50%, 04/01/2029^(a)			101		99,805
10.00%, 08/15/2030^(a)			640		681,651
Focus Financial Partners LLC 6.75%, 09/15/2031^(a)			220		219,835
Hightower Holding LLC 6.75%, 04/15/2029^(a)			11		10,897
9.125%, 01/31/2030^(a)			322		334,300
Jane Street Group/JSG Finance, Inc. 4.50%, 11/15/2029^(a)			1,990		1,936,947
7.125%, 04/30/2031^(a)			464		480,695


	Principal Amount (000)			U.S. $ Value

VFH Parent LLC/Valor Co-Issuer, Inc. 7.50%, 06/15/2031^(a)		U.S.$	296	$	308,971

					4,073,101


Finance – 3.5%
Black Pearl Compute LLC 6.125%, 02/15/2031^(a)			190		194,554
Burford Capital Global Finance LLC 9.25%, 07/01/2031^(a)			575		582,837
CNG Holdings, Inc. 16.50% (16.50% Cash or 17.50% PIK), 06/30/2031^{(a) (b) (e) (h)}			30		25,738
Compass Group Diversified Holdings LLC 5.25%, 04/15/2029^(a)			817		765,772
Enova International, Inc. 9.125%, 08/01/2029^(a)			1,362		1,433,873
11.25%, 12/15/2028^(a)			119		125,787
Freedom Mortgage Holdings LLC 9.25%, 02/01/2029^(a)			62		64,751
GGAM Finance Ltd. 8.00%, 06/15/2028^(a)			512		538,987
goeasy Ltd. 6.875%, 05/15/2030^(a)			398		354,725
7.375%, 10/01/2030^(a)			260		230,396
7.625%, 07/01/2029^(a)			317		297,260
9.25%, 12/01/2028^(a)			83		82,328
Jefferies Finance LLC/JFIN Co-Issuer Corp. 5.00%, 08/15/2028^(a)			1,650		1,577,301
Navient Corp. 5.625%, 08/01/2033			1,634		1,342,625
11.50%, 03/15/2031			165		175,100
PHH Escrow Issuer LLC/PHH Corp. 9.875%, 11/01/2029^(a)			156		156,780
Phoenix Aviation Capital Ltd. 9.25%, 07/15/2030^(a)			1,391		1,460,300
Planet Financial Group LLC 10.50%, 12/15/2029^(a)			122		118,573
Rfna LP 7.875%, 02/15/2030^(a)			553		550,589
SLM Corp. 6.50%, 01/31/2030			538		546,371
Stonebriar ABF Issuer LLC 8.125%, 12/15/2030^(a)			510		536,668
Terawulf, Inc. Zero Coupon, 05/01/2032^(a) (m)			17		18,642

					11,179,957


	Principal Amount (000)			U.S. $ Value

Financial Services – 1.4%
1261229 BC Ltd. 10.00%, 04/15/2032^(a)		U.S.$	1,610	$	1,672,532
Asurion LLC & Asurion Co-Issuer, Inc. 8.00%, 12/31/2032^(a)			572		601,778
Cipher Compute LLC 7.125%, 11/15/2030^(a)			664		692,486
Encore Capital Group, Inc. 9.25%, 04/01/2029^(a)			1,130		1,186,658
PRA Group, Inc. 8.875%, 01/31/2030^(a)			252		256,403
Titanium 2l Bondco SARL 6.25%, 01/14/2031^(b)		EUR	109		24,928

					4,434,785


Insurance – 1.6%
Acrisure LLC/Acrisure Finance, Inc. 4.25%, 02/15/2029^(a)		U.S.$	99		94,247
6.00%, 08/01/2029^(a)			162		151,125
7.50%, 11/06/2030^(a)			313		318,578
8.25%, 02/01/2029^(a)			109		109,222
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer 6.75%, 04/15/2028^(a)			788		796,534
7.00%, 01/15/2031^(a)			54		54,862
AmWINS Group, Inc. 6.375%, 02/15/2029^(a)			563		572,790
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Inves 7.875%, 11/01/2029^(a)			151		146,336
Ardonagh Finco Ltd. 6.875%, 02/15/2031^(a)		EUR	202		240,815
7.75%, 02/15/2031^(a)		U.S.$	214		219,241
Ardonagh Group Finance Ltd. 8.875%, 02/15/2032^(a)			834		824,642
Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC 8.125%, 02/15/2032^(a)			548		524,792
Jones Deslauriers Insurance Management, Inc. 8.50%, 03/15/2030^(a)			263		272,897
Panther Escrow Issuer LLC 7.125%, 06/01/2031^(a)			823		837,123

					5,163,204


REITs – 0.3%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL 5.75%, 05/15/2026^(a)			2		1,992
Five Point Operating Co. LP 8.00%, 10/01/2030^(a)			297		307,312


	Principal Amount (000)			U.S. $ Value

Hunt Cos., Inc. 5.25%, 04/15/2029^(a)		U.S.$	83	$	79,072
Rithm Capital Corp. 8.00%, 04/01/2029^(a)			106		106,689
RLJ Lodging Trust LP 4.00%, 09/15/2029^(a)			57		54,499
Service Properties Trust 8.375%, 06/15/2029			302		318,024

					867,588

					26,755,985


Utility – 0.6%
Electric – 0.6%
ContourGlobal Power Holdings SA 6.75%, 02/28/2030^(a)			211		218,022
NRG Energy, Inc. 3.375%, 02/15/2029^(a)			591		569,340
5.75%, 07/15/2029^(a)			647		648,527
10.25%, 03/15/2028^{(a) (k)}			47		51,842
Vistra Corp. 7.00%, 12/15/2026^{(a) (k)}			28		28,378
8.00%, 10/15/2026^{(a) (k)}			29		29,511
Vistra Operations Co. LLC 5.625%, 02/15/2027^(a)			413		412,777

					1,958,397


Total Corporates - Non-Investment Grade (cost $246,797,835)					246,250,280


CORPORATES - INVESTMENT GRADE – 14.6%
Industrial – 10.0%
Basic – 0.1%
Dow Chemical Co. (The) 5.25%, 11/15/2041			238		213,643


Communications - Media – 1.0%
Charter Communications Operating LLC/Charter Communications Operating Capital 5.125%, 07/01/2049			1,159		920,988
5.375%, 04/01/2038			190		176,424
5.375%, 05/01/2047			82		68,442
Cox Communications, Inc. 5.80%, 12/15/2053^(a)			1,187		1,034,981
Meta Platforms, Inc. 5.50%, 11/15/2045			493		486,798
5.75%, 11/15/2065			508		494,533
Time Warner Cable LLC 7.30%, 07/01/2038			104		112,626

					3,294,792


Communications - Telecommunications – 0.1%
Lorca Telecom Bondco SA 4.00%, 09/18/2027^(a)		EUR	21		24,983


	Principal Amount (000)			U.S. $ Value

TELUS Corp. 6.625%, 10/15/2055		U.S.$	35	$	36,093
6.625%, 06/09/2056			256		258,355

					319,431


Consumer Cyclical - Automotive – 0.8%
Adient Global Holdings Ltd. 7.00%, 04/15/2028^(a)			570		582,027
Ford Motor Co. 3.25%, 02/12/2032			212		190,649
Ford Motor Credit Co. LLC 2.70%, 08/10/2026			200		198,550
2.90%, 02/10/2029			150		142,740
4.95%, 05/28/2027			200		201,440
4.97%, 04/06/2029			357		359,335
6.532%, 03/19/2032			430		457,258
General Motors Financial Co., Inc. 5.45%, 01/08/2036			106		107,841
Phinia, Inc. 6.75%, 04/15/2029^(a)			197		203,816

					2,443,656


Consumer Cyclical - Entertainment – 0.3%
Carnival Corp. 4.00%, 08/01/2028^(a)			425		421,664
5.75%, 03/15/2030^(a)			377		390,085

					811,749


Consumer Cyclical - Other – 1.3%
Flutter Treasury DAC 5.00%, 04/29/2029^(a)		EUR	103		124,397
5.875%, 06/04/2031^(a)		U.S.$	837		837,511
6.125%, 06/04/2031^(a)		GBP	200		270,089
Sekisui House US, Inc. 6.00%, 01/15/2043		U.S.$	1,279		1,219,591
Voyager Parent LLC 9.25%, 07/01/2032^(a)			1,549		1,653,712

					4,105,300


Consumer Cyclical - Restaurants – 0.4%
1011778 BC ULC/New Red Finance, Inc. 3.50%, 02/15/2029^(a)			70		67,734
3.875%, 01/15/2028^(a)			778		768,283
5.625%, 09/15/2029^(a)			271		275,799

					1,111,816


Consumer Non-Cyclical – 0.9%
Charles River Laboratories International, Inc. 4.00%, 03/15/2031^(a)			50		47,190
4.25%, 05/01/2028^(a)			40		39,404
Jazz Securities DAC 4.375%, 01/15/2029^(a)			1,380		1,360,611


	Principal Amount (000)			U.S. $ Value

Utah Acquisition Sub, Inc. 5.25%, 06/15/2046		U.S.$	1,546	$	1,303,000

					2,750,205


Energy – 3.6%
Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.375%, 06/15/2029^(a)			1,348		1,348,593
5.75%, 01/15/2028^(a)			199		198,891
6.625%, 02/01/2032^(a)			446		463,180
Breakwater Energy Holdings SARL 9.25%, 11/15/2030^(a)			250		265,515
Continental Resources, Inc./OK 4.90%, 06/01/2044			1,512		1,245,676
Energy Transfer LP 8.00%, 05/15/2054			89		95,580
Harbour Energy PLC 6.327%, 04/01/2035^(a)			1,188		1,236,637
Hess Midstream Operations LP 5.125%, 06/15/2028^(a)			799		799,248
5.875%, 03/01/2028^(a)			207		210,498
Permian Resources Operating LLC 5.875%, 07/01/2029^(a)			1,532		1,537,102
7.00%, 01/15/2032^(a)			475		498,408
Var Energi ASA 5.875%, 05/22/2030^(a)			241		253,060
6.50%, 05/22/2035^(a)			719		777,181
7.50%, 01/15/2028^(a)			200		211,238
Venture Global Calcasieu Pass LLC 3.875%, 08/15/2029^(a)			1,913		1,832,845
Woodside Finance Ltd. 5.40%, 05/19/2030			137		142,136
6.00%, 05/19/2035			354		374,847

					11,490,635


Other Industrial – 0.8%
American Builders & Contractors Supply Co., Inc. 4.00%, 01/15/2028^(a)			1,259		1,241,752
HNI Corp. 5.125%, 01/18/2029^(a)			88		86,572
RB Global Holdings, Inc. 6.75%, 03/15/2028^(a)			1,304		1,326,324

					2,654,648


Services – 0.3%
Block, Inc. 2.75%, 06/01/2026			977		972,643
5.625%, 08/15/2030^(a)			50		50,652

					1,023,295


	Principal Amount (000)			U.S. $ Value

Technology – 0.4%
Oracle Corp. 5.375%, 09/27/2054		U.S.$	83	$	66,940
5.70%, 02/04/2036			1,023		1,023,338
5.95%, 09/26/2055			110		96,726
ROBLOX Corp. 3.875%, 05/01/2030^(a)			216		205,678

					1,392,682


Transportation - Airlines – 0.0%
AS Mileage Plan IP Ltd. 5.021%, 10/20/2029^(a)			46		46,737


Transportation - Services – 0.0%
Stonepeak Nile Parent LLC 7.25%, 03/15/2032^(a)			108		114,595

					31,773,184


Financial Institutions – 4.2%
Banking – 3.1%
Ally Financial, Inc. 5.543%, 01/17/2031			177		181,944
5.737%, 05/15/2029			221		226,963
6.646%, 01/17/2040			795		794,372
6.70%, 02/14/2033			30		31,236
6.848%, 01/03/2030			83		87,781
Series B 4.70%, 05/15/2026^(k)			164		163,416
Banco Bilbao Vizcaya Argentaria SA 6.033%, 03/13/2035			200		213,880
Banco Santander SA 6.35%, 03/14/2034			200		215,906
6.921%, 08/08/2033			400		444,256
Barclays PLC 5.785%, 02/25/2036			482		504,779
BNP Paribas SA 4.625%, 02/25/2031^{(a) (k)}			454		421,925
BPCE SA 6.508%, 01/18/2035^(a)			250		266,470
CaixaBank SA 5.581%, 07/03/2036^(a)			216		224,096
6.84%, 09/13/2034^(a)			235		263,630
Capital One Financial Corp. 6.183%, 01/30/2036			184		191,365
Citigroup, Inc. 5.827%, 02/13/2035			211		219,714
Series AA 7.625%, 11/15/2028^(k)			32		33,915
Series Y 4.15%, 11/15/2026^(k)			46		45,852
Deutsche Bank AG/New York NY 3.729%, 01/14/2032			387		368,319
3.742%, 01/07/2033			200		187,232
7.079%, 02/10/2034			204		224,408


	Principal Amount (000)			U.S. $ Value

Lloyds Banking Group PLC 6.00%, 06/07/2032^(k)		GBP	8	$	9,982
6.068%, 06/13/2036		U.S.$	327		344,305
Societe Generale SA 3.625%, 03/01/2041^(a)			450		343,507
5.40%, 04/10/2037^(a)			370		372,235
7.367%, 01/10/2053^(a)			600		657,282
Synchrony Financial 5.45%, 03/06/2031			101		103,223
5.935%, 08/02/2030			82		85,096
7.25%, 02/02/2033			1,094		1,154,192
UBS Group AG 7.125%, 08/10/2034^{(a) (k)}			297		304,259
Series .14A 6.625%, 01/08/2031^{(a) (k)}			363		363,867
UniCredit SpA 5.861%, 06/19/2032^(a)			600		609,858
Wells Fargo & Co. Series BB 3.90%, 03/15/2026^(k)			111		110,909

					9,770,174


Brokerage – 0.0%
CI Financial Corp. 3.20%, 12/17/2030			158		144,643


Finance – 0.1%
Air Lease Corp. Series B 4.65%, 06/15/2026^(k)			50		49,742
Aircastle Ltd. 5.25%, 06/15/2026^{(a) (k)}			29		28,996
Midcap Financial Issuer Trust 6.50%, 05/01/2028^(a)			202		200,841

					279,579


Insurance – 0.6%
ACE Capital Trust II 9.70%, 04/01/2030			20		23,909
American National Group, Inc. 6.00%, 07/15/2035			100		99,302
Belrose Funding Trust II 6.792%, 05/15/2055^(a)			1,072		1,095,573
Global Atlantic Fin Co. 7.25%, 03/01/2056^(a)			255		243,076
Horizon Mutual Holdings, Inc. 6.20%, 11/15/2034^(a)			125		124,663
Lincoln National Corp. 7.00%, 06/15/2040			153		162,847

					1,749,370


	Principal Amount (000)		U.S. $ Value

REITs – 0.4%
Highwoods Realty LP 5.35%, 01/15/2033	U.S.$	188	$	188,752
Newmark Group, Inc. 7.50%, 01/12/2029		630		670,307
Omega Healthcare Investors, Inc. 5.20%, 07/01/2030		131		134,270
Vornado Realty LP 3.40%, 06/01/2031		30		27,439
5.75%, 02/01/2033		336		340,885

				1,361,653

				13,305,419


Utility – 0.4%
Electric – 0.4%
American Electric Power Co., Inc. 6.95%, 12/15/2054		28		30,266
Series D 6.05%, 03/15/2056		40		40,145
Calpine LLC 5.125%, 03/15/2028^(a)		745		745,059
Eversource Energy Series A 6.10%, 08/15/2056		83		83,394
Series B 6.35%, 08/15/2056		68		68,430
PacifiCorp 7.125%, 08/15/2056		378		371,287
Vistra Operations Co. LLC 6.95%, 10/15/2033^(a)		71		79,625

				1,418,206


Total Corporates - Investment Grade (cost $45,658,048)				46,496,809


BANK LOANS – 4.1%
Industrial – 3.0%
Basic – 0.2%
INEOS US Petrochem LLC 7.523% (CME Term SOFR 1 Month + 3.75%), 03/14/2030^{(e) (h) (n)}		98		76,580
8.023% (CME Term SOFR 1 Month + 4.25%), 04/02/2029⁽ⁿ⁾		729		589,598

				666,178


Capital Goods – 0.0%
ACProducts Holdings, Inc. 8.184% (SOFR + 4.25%), 05/17/2028⁽ⁿ⁾		95		75,140
Crown Subsea Communications Holding, Inc. 6.673% (CME Term SOFR 1 Month + 3.00%), 04/27/2028⁽ⁿ⁾		50		49,531

				124,671


	Principal Amount (000)		U.S. $ Value

Communications - Media – 0.6%
DIRECTV Financing LLC 9.179% (SOFR + 5.25%), 08/02/2029⁽ⁿ⁾	U.S.$	250	$	250,064
Gray Television, Inc. 6.786% (CME Term SOFR 3 Month + 3.00%), 12/01/2028⁽ⁿ⁾		188		187,919
iHeartCommunications, Inc. 10.629% (CME Term SOFR 3 Month + 5.78%), 05/01/2029⁽ⁿ⁾		245		211,110
MH Sub I LLC 7.923% (CME Term SOFR 1 Month + 4.25%), 05/03/2028⁽ⁿ⁾		544		440,082
MJH Healthcare Holdings LLC 7.423% (CME Term SOFR 1 Month + 3.75%), 01/28/2029⁽ⁿ⁾		460		423,200
Radiate Holdco LLC 1.500% (PIK Interest 12 + 1.50%), 09/25/2029⁽ⁿ⁾		145		125,599
7.288% (CME Term SOFR 1 Month + 3.50%), 09/25/2029⁽ⁿ⁾		145		125,599

				1,763,573


Communications - Telecommunications – 0.1%
MH Sub I LLC 9.923% (CME Term SOFR 1 Month + 6.25%), 02/23/2029^(o)		410		293,277


Consumer Cyclical - Automotive – 0.1%
RealTruck Group, Inc. 10.310% (CME Term SOFR 3 Month + 5.00%), 01/31/2028⁽ⁿ⁾		218		162,140


Consumer Cyclical - Other – 0.1%
CP Atlas Buyer, Inc. 8.923% (CME Term SOFR 1 Month + 5.25%), 07/08/2030⁽ⁿ⁾		100		96,300
PHRG Intermediate LLC 7.672% (CME Term SOFR 3 Month + 4.00%), 02/20/2032⁽ⁿ⁾		259		255,681

				351,981


Consumer Cyclical - Retailers – 0.2%
RVR Dealership Holdings, LLC 1.000%, 02/26/2033^{(e) (h) (o)}		300		296,250
Specialty Building Products Ho 7.523% (CME Term SOFR 1 Month + 3.75%), 10/16/2028⁽ⁿ⁾		399		365,495

				661,745


Consumer Non-Cyclical – 0.3%
Hertz Corp. (The) 7.290% (CME Term SOFR 1 Month + 3.50%), 06/30/2028^(o)		452		347,234
ModivCare Buyer LLC 8.690% (CME Term SOFR 3 Month + 5.00%), 12/29/2030⁽ⁿ⁾		119		109,223


	Principal Amount (000)		U.S. $ Value

MPH Acquisition Holdings LLC 7.417% (CME Term SOFR 3 Month + 3.75%), 12/31/2030⁽ⁿ⁾	U.S.$	57	$	55,660
Opal US LLC 6.686% (CME Term SOFR 3 Month + 3.00%), 04/28/2032⁽ⁿ⁾		355		354,577
Weber-Stephen Products LLC 7.411% (CME Term SOFR 3 Month + 3.75%), 10/01/2032⁽ⁿ⁾		210		209,948

				1,076,642


Other Industrial – 0.1%
Liberty Tire Recycling LLC 7.417% (CME Term SOFR 1 Month + 3.75%), 12/17/2032⁽ⁿ⁾		390		389,025


Technology – 1.2%
Boxer Parent Co., Inc. 6.673%, 07/30/2031^(o)		527		484,214
Clover Holdings 2 LLC 7.750%, 12/09/2031^(e) (h)		399		375,545
Darktrace PLC 6.898%, 10/09/2031^(o)		430		407,425
Loyalty Ventures, Inc. 14.000% (CME Term SOFR 3 Month + 5.50%), 11/03/2027^{(e) (f) (h) (j) (n)}		115		863
Metropolis Technologies, Inc. 8.980% (CME Term SOFR 6 Month + 5.25%), 11/03/2032^{(e) (h) (n)}		560		547,300
Peraton Corp. 7.517% (CME Term SOFR 3 Month + 3.75%), 02/01/2028⁽ⁿ⁾		612		522,545
12.604% (CME Term SOFR 3 Month + 7.75%), 02/01/2029⁽ⁿ⁾		378		279,532
Ping Identity Holding Corp. 6.410% (CME Term SOFR 1 Month + 2.75%), 11/15/2032^{(e) (h) (n)}		290		283,112
Polaris Newco LLC 7.679% (CME Term SOFR 3 Month + 3.75%), 06/02/2028⁽ⁿ⁾		468		397,426
Project Alpha Intermediate Holdings, Inc. 10.122% (CME Term SOFR 1 Month + 5.00%), 05/09/2033⁽ⁿ⁾		260		193,700
Rocket Software, Inc. 7.423%, 11/28/2028^(o)		253		234,764

				3,726,426


Transportation - Airlines – 0.1%
JetBlue Airways Corp. 8.445% (CME Term SOFR 3 Month + 4.75%), 08/27/2029⁽ⁿ⁾		198		190,218

				9,405,876


	Principal Amount (000)			U.S. $ Value

Financial Institutions – 1.1%
Brokerage – 0.1%
Jane Street Group LLC 5.673% (CME Term SOFR 3 Month + 2.00%), 12/15/2031⁽ⁿ⁾		U.S.$	316	$	305,466


Finance – 0.1%
Nexus Buyer LLC 9.423% (CME Term SOFR 1 Month + 5.75%), 02/16/2032⁽ⁿ⁾			410		398,212


Financial Services – 0.1%
Colossus Acquireco LLC 5.410% (SOFR 4 + 1.75%), 07/30/2032⁽ⁿ⁾			120		119,294
Rackspace Finance LLC 6.529% (CME Term SOFR 1 Month + 2.75%), 05/15/2028⁽ⁿ⁾			362		148,149

					267,443


Insurance – 0.8%
Acrisure LLC 6.673% (CME Term SOFR 1 Month + 3.00%), 11/06/2030⁽ⁿ⁾			920		889,410
Alliant Holdings Intermediate LLC 6.173%, 09/19/2031^(o)			431		420,944
Asurion LLC 8.022% (SOFR + 4.25%), 08/19/2028⁽ⁿ⁾			156		155,454
HUB International Ltd. 5.920% (CME Term SOFR 3 Month + 2.25%), 06/20/2030⁽ⁿ⁾			1,040		1,027,437

					2,493,245

					3,464,366


Total Bank Loans (cost $13,732,609)					12,870,242


EMERGING MARKETS - CORPORATE BONDS – 1.2%
Industrial – 1.2%
Basic – 0.1%
First Quantum Minerals Ltd. 8.00%, 03/01/2033^(a)			227		241,896


Consumer Cyclical - Other – 1.1%
Melco Resorts Finance Ltd. 5.375%, 12/04/2029^(a)			1,384		1,367,882
6.50%, 09/24/2033^(a)			493		491,777
MGM China Holdings Ltd. 4.75%, 02/01/2027^(a)			221		220,131
7.125%, 06/26/2031^(a)			331		350,097
Studio City Co., Ltd. 7.00%, 02/15/2027^(a)			200		199,800
Wynn Macau Ltd. 5.125%, 12/15/2029^(a)			390		386,100
6.75%, 02/15/2034^(a)			417		423,239

					3,439,026


	Principal Amount (000)			U.S. $ Value

Consumer Cyclical - Retailers – 0.0%
K2016470219 South Africa Ltd. 3.00%, 12/31/2022^{(d) (e) (f) (g) (h)}		U.S.$	15	$	0
K2016470260 South Africa Ltd. 25.00%, 12/31/2022^{(d) (e) (f) (g) (h)}			3		0

					0

					3,680,922


Utility – 0.0%
Electric – 0.0%
Terraform Global Operating LP 6.125%, 03/01/2026^(a)			7		7,000


Total Emerging Markets - Corporate Bonds (cost $3,610,847)					3,687,922


	Shares

COMMON STOCKS – 0.1%
Communication Services – 0.1%
Diversified Telecommunication Services – 0.1%
Altice France SA/LuxCo3^{(e) (f) (h)}			14,338		270,862


Financials – 0.0%
Financial Services – 0.0%
Curo Group Holdings LLC^{(e) (f) (h)}			9,491		94,910


Health Care – 0.0%
Health Care Providers & Services – 0.0%
ModivCare Topco LLC^{(e) (f) (h)}			9,656		53,108


Energy – 0.0%
Energy Equipment & Services – 0.0%
BIS Industries Holdings Ltd.^{(e) (f) (h)}			21,027		0
CHC Group LLC^{(f) (h)}			468		0

					0


Oil, Gas & Consumable Fuels – 0.0%
New Fortress Energy, Inc.^{(f) (h)}			5,687		6,199


Industrials – 0.0%
Electrical Equipment – 0.0%
Exide Technologies^{(e) (f) (h)}			7		3,500


Consumer Discretionary – 0.0%
Broadline Retail – 0.0%
K201640219 South Africa Ltd.^{(e) (f) (h)}			678		0
K2016470219 South Africa Ltd. - Class A^{(e) (f) (h)}			191,574		0
K2016470219 South Africa Ltd. - Class B^{(e) (f) (h)}			30,276		0

					0


Company	Shares		U.S. $ Value

Consumer Staples – 0.0%
Household Products – 0.0%
Southeastern Grocers, Inc.^{(e) (f) (h) (i)}		3,584	$	0


Total Common Stocks (cost $573,708)				428,579


PREFERRED STOCKS – 0.0%
Industrials – 0.0%
Consumer Cyclical - Automotive – 0.0%
Exide International Holdings LP 0.00%^{(e) (f) (g) (h)}		39		47,775


Consumer Cyclical - Other – 0.0%
Hovnanian Enterprises, Inc. 7.625%		490		10,604


Other Industrial – 0.0%
Asphalt ATD Holdco - Class A 0.00%^{(e) (f) (h)}		194		4,813


Technology – 0.0%
Veritas US, Inc.^{(e) (f) (g) (h)}		678		12,882

				76,074


Financials – 0.0%
Brokerage – 0.0%
Osaic Financial Services, Inc. Series A 8.00%		2,175		43,674


Total Preferred Stocks (cost $68,409)				119,748


RIGHTS – 0.0%
Utilities – 0.0%
Independent Power and Renewable Electricity Producers – 0.0%
Vistra Corp., expiring 12/31/2099^{(e) (f) (h)}		3,442		4,217


Communication Services – 0.0%
Altice France SA (CVR)^{(e) (f) (g) (h)}		210		3,285


Total Rights (cost $1,232)				7,502


SHORT-TERM INVESTMENTS – 1.6%
Investment Companies – 1.6%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 3.53%^{(p) (q) (r)} (cost $5,049,734)		5,049,734		5,049,734


Total Investments – 99.0% (cost $315,492,422)^(s)				314,910,816
Other assets less liabilities – 1.0%				3,254,667


Net Assets – 100.0%			$	318,165,483

FUTURES


Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
U.S. T-Note 5 Yr (CBT) Futures		203		June 2026		$	22,358,547		$	122,117
U.S. T-Note 10 Yr (CBT) Futures		54		June 2026			6,145,875			29,594
Sold Contracts
U.S. 10 Yr Ultra Futures		2		June 2026			233,469			(1,320	)
U.S. Long Bond (CBT) Futures		29		June 2026			3,435,594			(25,141	)
U.S. T-Note 2 Yr (CBT) Futures		23		June 2026			4,813,289			(8,445	)
U.S. Ultra Bond (CBT) Futures		27		June 2026			3,283,031			(29,953	)

									$	86,852

FORWARD CURRENCY EXCHANGE CONTRACTS


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Citibank NA		EUR	6,488		USD	7,805		04/16/2026		$	128,160
State Street Bank & Trust Co.		EUR	627		USD	744		04/16/2026			2,975
State Street Bank & Trust Co.		GBP	391		USD	527		04/24/2026			1,554

										$	132,689

CENTRALLY CLEARED CREDIT DEFAULT SWAPS


Description	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at February 28, 2026	Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Sale Contracts
Hertz Corp. (The), 5.000%, 12/01/2029, 06/20/2029*		5.00	%	Quarterly	25.13%		USD	80	$	(33,146	)	$	(8,173	)	$	(24,973	)

*	Termination date

(a)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At February 28, 2026, the aggregate market value of these securities amounted to $257,781,467 or 81.0% of net assets.

(b)

Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at February 28, 2026.

(c)

Coupon rate adjusts periodically based upon a predetermined schedule. Stated interest rate in effect at February 28, 2026.

(d)

Defaulted matured security.

(e)

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

(f)

Non-income producing security.

(g)

Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.19% of net assets as of February 28, 2026, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities

Acquisition

Date

Cost

Market

Value

Percentage

Net Assets

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

10/01/2025

50,339

47,423

0.01%

Altice France SA (CVR)

10/01/2025

1,232

3,285

0.00%

Exide International Holdings LP
0.00%

11/05/2020

29,328

47,775

0.02%

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

10/29/2020

0.00%

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

10/29/2020

0.00%

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

02/05/2020-05/12/2023

14,181

0.00%

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

08/16/2023

0.00%

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

02/19/2015

36,767

0.00%

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

03/07/2025-04/01/2025

364,863

597

0.00%

NFE Financing LLC
12.00%, 11/15/2029

11/22/2024-09/12/2025

718,937

510,525

0.16%

Veritas US, Inc.

12/09/2024

11,482

12,882

0.00%

(h)

Fair valued by the Adviser.

(i)

Escrow shares.

(j)

Defaulted.

(k)

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

(l)

Floating Rate Security. Stated interest/floor/ceiling rate was in effect at February 28, 2026.

(m)

Convertible security.

(n)

The stated coupon rate represents the greater of the SOFR or an alternate base rate such as the PRIME or the SOFR/PRIME floor rate plus a spread at February 28, 2026.

(o)

This position or a portion of this position represents an unsettled loan purchase. The coupon rate will be determined at the time of settlement and will be based upon the SOFR plus a premium which was determined at the time of purchase.

(p)

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.

(q)

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

(r)

Affiliated investments.

(s)

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 $5,826,326 and gross unrealized depreciation of investments was $(6,213,364), resulting in net unrealized depreciation of $(387,038).

Currency Abbreviations:

EUR – Euro

GBP – Great British Pound

USD – United States Dollar

Glossary:

CBT – Chicago Board of Trade

CME – Chicago Mercantile Exchange

CVR – Contingent Value Rights

EURIBOR – Euro Interbank Offered Rate

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate

AB Active ETFs, Inc.

AB High Yield 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.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

Bank loan prices are provided by third party pricing services and consist of a composite of the quotes received by the vendor into a consensus price. Certain bank loans are classified as Level 3, as significant input used in the fair value measurement of these instruments is the market quotes that are received by the vendor and these inputs are not observable.

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:
Corporates - Non-Investment Grade	$	—		$	246,224,542		$	25,738	^(a)	$	246,250,280
Corporates - Investment Grade		—			46,496,809			—			46,496,809
Bank Loans		—			11,290,592			1,579,650			12,870,242
Emerging Markets - Corporate Bonds		—			3,687,922			0	^(a)		3,687,922
Common Stocks		6,199			—			422,380	^(a)		428,579
Preferred Stocks		10,604			43,674			65,470			119,748
Rights		—			—			7,502			7,502
Short-Term Investments		5,049,734			—			—			5,049,734

Total Investments in Securities		5,066,537			307,743,539			2,100,740	^(a)		314,910,816
Other Financial Instruments^(b):
Assets:
Futures		151,711			—			—			151,711
Forward Currency Exchange Contracts		—			132,689			—			132,689
Liabilities:
Futures		(64,859	)		—			—			(64,859	)
Centrally Cleared Credit Default Swaps		—			(33,146	)		—			(33,146	)

Total	$	5,153,389		$	307,843,082		$	2,100,740	^(a)	$	315,097,211

^(a)

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

^(b)

Other financial instruments include derivative instruments, such as futures, forwards and swaps. Derivative instruments are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value.

A summary of the Fund’s transactions in AB mutual funds for the three months ended February 28, 2026 is as follows:


Fund	Market Value 11/30/2025 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 02/28/2026 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	3,911	$	23,203	$	22,064	$	5,050	$	60